The President's tax-reform panel is recommending among other things to lower the cap for mortgage loans that can have interest deducted from $1 million to $312,000.

This is not likely to affect the average home owner in Oklahoma where the average home price is $87,000 (www.homegain.com), but very likely to affect real estate sales in high cost areas such as San Mateo county in California where the average home costs is $608,083 (www.homegain.com.)

More information on the President's tax reform