Florida's housing market is in crisis as soaring prices burden homeowners. Representative Vern Buchanan aims to alleviate some of this pressure by reintroducing the Middle Class Mortgage Insurance Premium Act, which would restore mortgage insurance tax deductions and raise the income eligibility limit for families. With over 361,000 Floridians needing mortgage insurance in 2020, and a significant drop in home sales reported, experts indicate that high insurance costs and increased natural disaster risks are contributing to the slowdown in the housing market.
"With housing prices skyrocketing in Florida and across the country, it's our responsibility to provide tax relief for middle-class families seeking to own a home," said Buchanan in a press release.
"In the past year or so, home shopping for properties in Florida by shoppers outside the Sunshine State has dwindled," says Realtor.com Senior Economist Joel Berner.
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