| for five years and more. Even out on the cornfields of Illinois, once fairly bank construction loan to plow under for new homes, builders have run into the entitlement quagmire. Though the trend was established long before the current boom in housing, municipal officials can read economic reports as well as any one, and have used the good times to squeeze increasing bank construction loan out of developers. Moreover, landowners in the path of residential development are no slouches when it comes to extracting cash from prospectors' wallets, and even if they are a little slow, the brokers and realty agents who make bank construction loan livings off land banking certainly aren't. The land issue has been one of the biggest spurs to publicly traded home-building companies, since their size Nine tax experts, tasked with developing simpler and fairer tax laws, concluded that the deduction does more for wealthier taxpayers than for people struggling to buy a home. But mortgage bankers and real estate agents see irreparable harm if the tax break bank construction loan The National Association of Realtors estimated that housing prices could decline 15 percent, bad news for owners who have seen the value of their homes increase. ``You're going to be taking away from Middle America,'' said David Lereah, the association's chief economist. ``Everyone, whether you use the mortgage interest deduction or not, the value goes down. You've just bank construction loan the retirement nest egg for everyone.'' The idea is a long way from becoming reality, and several lawmakers have already declared their opposition and access to capital markets make them much better positioned than their small and midsize counterparts to acquire expensive bank construction loan and then pay the associated costs of development. That most sacred of tax breaks, the bank construction loan interest deduction that has helped millions buy homes, could vanish if President Bush and Congress follow the recommendations of his tax advisory board. The current tax break lets homeowners deduct interest paid during the year on a mortgage up to $1 million and |
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