Tax change on mortgages could shake up the housing market

By Conor Dougherty | The New York Times

The Republican tax plan unveiled on Thursday takes aim at the most sacred of cows: the provision that subsidizes homeownership by allowing the deduction of interest on mortgage debt.

For most of America, the impact would be minimal. The proposed bill would make the deduction available on mortgage debt of up to $500,000 — half the current ceiling, but more than double the median home price in the United States of roughly $200,000. Fewer than 3 percent of home mortgages are more than $500,000, according to data from CoreLogic.

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