The Unfortunately Titled “Fiscal Cliff” has Implications for the Marin Real Estate Market

I’m sure you’re as tired of hearing about the “fiscal cliff” as I am, but there are some important issues in the mix for home buyers and sellers. One option being considered is a change to the mortgage interest deduction, which could be a big deal, depending on what exactly the change turned out to be. Our local IJ real estate reporter summarizes here.

And so far there is no word about an extension of the Mortgage Forgiveness Debt Relief Act, which expires at the end of the month, and would have major implications for homeowners who are underwater and considering a short sale. There’s a good explanation of the issue and the potential impact of congress failing to act here. It’s not as big of an issue in Marin as it is in many other parts of the country since the number of short sales has fallen so drastically here this year, but it’s still important and would likely have an effect on our market to some degree.