Tax Deductions

Interesting read on Market Watch about the mortgage interest tax deduction and the inequality it may fuel. With so many government loan programs including the FHA and VA guarantee benefit, I feel this article misses the mark on what equality is. Equality is about providing equal access for all. Which, when you look at the full scope of the real estate industry, also includes HomePath by Fannie Mae. Combine this with HUD's Community Planning Development, Calhfa, and private not for profit programs (like OperationHOPE) for downpayment assistance and homeownership doesn't seem so out of reach anymore.

Of course, when you look at 1 program it might seem slanted, but as a whole, I believe we have an education not an inequality issue. Homeownership plays a major roll in building stronger communities and the tax dollars that help fund our children's futures through property taxes. As rents rise and mortgages stay the same, this allows for an opportunity to see serious wealth building that was not there before.

Ps. Market Watch, "Trulia’s analysis strips out age and household income to compare different groups of taxpayers. Nonwhite Americans are between 38% and 58% less likely to be able to take advantage of the deduction than a white head of household of the same age and income, it found." -So was income taken into account or was it not?