Housing Markets That Will Take the Biggest Hit Following Mortgage Interest Deduction
The mortgage interest deduction cap will be hitting a few cities much harder if the proposed $500,000 cap is brought to fruition. Cities in states like Nevada, Louisiana, Washington and of course, California could be feeling the heat, according to a recent report.
"Through the end of October, 5.4% of all mortgages closed nationwide (purchase and refinance) had a balance of over $500,000 at origination, according to Attom Data Solutions," according to National Mortgage News. "On a state level, Hawaii had the largest percentage of year-to-date 2017 originations over $500,000 at 15.1%, followed by California at 11.5% and Delaware at 9.3%."
Some of the actual cities that will be hit hardest include, Carlsbad, Shreveport, Santa Cruz, Seattle, Los Angeles and Long Beach just to name a few.
For a complete list of the biggest hit cities, click on the image above.
