Private property is a concept near and dear to America, but It was not specifically addressed in the Constitution. It was left to the Bill of Rights, and the Fourth Amendment, which prevents the government from improperly taking property without a valid warrant based on probable cause (good reason).
Yet, it wasn't until the 20th century that home ownership became affordable and common.. The original income tax law of 1913 allowed the deduction of interest on mortgages (and just about everything else.) The game changer, however, was the GI Bill of 1944, which provided low cost loans to veterans to buy homes.
The life saver came later. Though the tax reform bills of 1986 and 1987 eliminated the deductibility of most interest, The mortgage one, however, survived, even if a cap was imposed for the first time.
The deduction and other government policies in recent decades made home ownership so affordable that at one point seven out of ten Americans owned a house. So how much do you know about home ownership and real estate. Take our quiz.
Posted 15 March 2011