Lawrence Yun gave his predictions for the housing market in the year 2013. He also responded to telephone calls and electronic communications. Topics included the home mortgage deduction, the possible impact of “fiscal cliff” tax increases and sequestration. and federal refinancing programs.
“Fiscal cliff” referred to the impending tax increases and sequestration budget cuts at the end of 2012 if Congress failed to reach a new budget agreement.*"Sequestration," a legal procedure in which automatic budget cuts are triggered, was agreed to in the Budget Control Act of 2011.