There is some good news for 2007 regarding taxes, for some individuals.

President Bush has signed a bill that mortgage insurance premiums will be tax deductible beginning in 2007.

• The tax deduction is for homeowners and buyers in 2007 (you must purchase OR refinance after January 1, 2007).
• It also covers those households where the adjusted gross income is $100,000 or less.

You can read more about this great savings here.

I recently talked about the value of homeownership on 10/8 on this blog, and just posted a discussion on some of the myths about taxes and homeownership on my First Time Buyer Central blog. You might want to take a look in case any of those issues are pertinent to your situation. Some myths might surprise you!

As always, it is prudent to consult a tax professional regarding your personal situation to avoid any unpleasant surprises (like an audit, or a huge tax bill you could have avoided). Understanding the tax laws is a challenge for sure, and the documents you can find on the IRS site, while helpful, are tough to wade through. A little money spent with a tax professional may save you a bundle. This is especially true if you are relocating since there are other deductions to be aware of (moving expenses, for example).

Have you ever thought about WHY having a home is important to you, or what the advantages are to you and your family or friends? Since you are more than likely not a first time buyer at this point, those reasons may already be obvious. But if not, I wrote a bit about this on my blog about First Time Buyers.

Above is a tranquil view of the sun setting off the coast of California - lots of people living near the coast stop by the beaches in the evening to watch views such as this.