Yet another one of those terms that has the question associated with it of what does this mean to me?
My take is on the Real Estate side and how everything is going to affect little old us.
1. It could mean the loss of the Mortgage Forgiveness Debt Relief Act, according to Scott Stevenson Esquire, from Northwest Title. Bad stuff for those who are undergoing short sales and foreclosures. If these people have nothing, it will be really difficult to collect on what they owe in terms of the debt created from the mortgage.
2. We really do not need another recession like we experienced in 2011. Things are starting to stabilize in Central Ohio and to have another recession; well, in terms of the real estate business would not be so great. However, if we need to take one on the chin so to speak to get us where we need to be as a society then far be it for me to say prop this baby up.
3. "Downpayment" proposal is not the solution either as described in the Washington Post to alleviate the Fiscal Cliff pressure and raise revenue. Eliminating deductions, such as mortgage interest tax deduction, is one of the "Downpayment" propositions to raise revenue.
Overall: Not what I want to read heading into the tail end of 2012. We have a difficult situation here for Congress to figure out a solution for and not many days left to do it.
I'm not nervous. I have faith. I have faith that we will be able to face whatever comes our way.