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  • Pending home sales hit second highest point in decade

    Pending home sales increased in July led by high gains in the West, which hit its highest month in more than three years. There is, however, still room for more growth. There’s little doubt there’d be more sales activity right now if there were more affordable listings on the market. Click the headline to read more.

Survey shows wide support for mortgage interest deduction

The 30-year, fixed-rate home loan and the government's mortgage interest tax deduction are popular homebuying incentives for Americans, the National Association of Homebuilders said Wednesday. The trade group based its conclusion on a survey of 1,500 likely voters. The poll was conducted Republican-leaning Public Opinion Strategies and the Democrat-leaning Lake Research Partners. The results show 75% of respondents believe it's reasonable for the government to offer a tax incentive to promote homeownership. This belief appears to be bipartisan, with 84% of Democrats saying tax incentives for homeownership are a good idea while 71% of Republicans and independents agree with that sentiment, the NAHB said. Support for mortgage interest tax deductions and the traditional, 30-year mortgage remained consistent across the poll, whether respondents classified themselves as renters or not. Two-thirds of those surveyed support the idea of the federal government helping homeowners afford a long-term mortgage, while 73% of voters oppose the elimination of the mortgage interest deduction. The polling firms asked respondents how their views on housing will impact their choice of congressional representatives in November's elections. Sixty-eight percent said they are less likely to vote for a candidate who supports an end to the mortgage interest deduction. That sentiment is shared across party lines, with 69% of independents and 68% of Republicans and Democrats in support of homebuyer tax relief. "The American electorate is sending a clear message that owning a home remains a cornerstone of the American dream and preserving a federal commitment to homeownership is essential to maintain a thriving middle class and get housing and the economy back on track," according to Neil Newhouse, co-founder of Public Opinion Strategies. Write to Kerri Panchuk.


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