Fiscal Cliff and it’s Impact on Real Estate...

How Obama’s re-election and the fiscal cliff could impact real estate and mortgage rates. Now that Barack Obama has been re-elected and political gridlock continues in the US, there’s real worry that Washington won’t be able to reach a budget deal to avoid the fiscal cliff. The cliff refers to more than $600 billion in spending cuts and tax hikes that are due to automatically take effect on January 1st. Now, it’s true that such dramatic cuts and tax increases would slash the 2013 US deficit, chopping it roughly in half to $641 billion. But economists warn that this benefit would be vastly outweighed by…