here's a hand grenade for you...

Is the time and usefulness of the mortgage interest tax deduction behind us?  I believe it is, but I am really, really, really curious about how most of the rest of you feel on the subject.

I suppose it was meant, originally, to spur first time home buyers into the real estate market.  I think that mission has largely been accomplished.

I someone can afford to buy a $500,000 home...do they really need a tax incentive?

How about limiting mortgage interest deductions to homes valued below 250 K ?  Or even 200K ?  Those are first time buyers.  You could even prorate it on a local level.  $200K may not buy you much in Los Angeles, but I'll bet it sets you up quite nicely in Effingham, Illinois.  

Would it be too cumbersome to take such local real estate markets into account?  

I'm just askin'.

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