As i understand it, this would fly in the face of trying to prop up the market and will do an incredible amount of damage to current values by making R/E less attractive, especially to investor sized homes (rentals), the very market that Rangel wants to protect, doesn’t he have staffers that look into this stuff for him. If you take away the possible tax free investment property or vacation home, I would be less inclined to buy one as would many others. Who needs fundamentals to cause the market to crash when we have the government to accelerate it. I’m taking back all of my 2009 predictions, I give it two weeks after all this legislation is passed. 50% off by the ides of march, final answer.
