>Remember when you could deduct your car interest payments from your taxes? History!
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>I heard this morning on the news that President Bush is in the process of reducing or eliminating deductions from home mortgages. That should cool off the market a bit. Coupled with the new bankruptcy laws which go into effect next Tuesday, it will be next to impossible to declare bankruptcy.
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>Rather interesting – no new taxes but increased revenue due to reduced deductions!
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>This might put home ownership on a level with renting! However, a new home here costs about $5000 a month, while you pay half that amount to rent an older house.

Tom we had that here in the UK.Mortgage repayments where deductable from your tax bill. The government removed that as a way of cooling the housing market. It had a small effect for a short time then the market got back to going up. House prices are based on supply and demand.

Nick Mason