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Andrena Dimitrijevic's Blog

By Andrena Dimitrijevic-Realtor | Agent in Florida

Housing Lobby’s Win Costing U.S. $600 Billion: Mortgages

Congressional efforts to reduce the U.S. deficit revived tax breaks for mortgage insurance and extended interest deductions for homeowners that will cost the government $600 billion over five years.

2013 Savings

Homeowners will save about $100 billion this year from mortgage interest deductions, according to Compass Point, helping to make buying more affordable relative to renting. Congress, meanwhile, allowed payroll tax cuts to lapse, which will pull more than $100 billion from the economy, the primary reason why 77.1 percent of U.S. households face higher taxes in 2013, according to the nonpartisan Tax Policy Center.

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