Posted by: realtormarkpalace | December 10, 2010

Real Estate Professionals Reiterate MID Concerns

REALTORS® are making calls to their U.S. senators beginning today to issue another caution about curbing the mortgage interest deduction and making other changes that could hurt home ownership.

Although President Obama’s bipartisan deficit reduction commission last week didn’t receive the 14 votes it needed among the 18 commission members to automatically have its recommendations considered in Congress, some parts of the plan are expected to be included in the administration’s budget request next year. That would put parts of the report on the table for consideration.

Among other things, the plan would change MID into a credit, eliminate the deduction for second homes and home equity loans, and could change other tax laws that reflect the country’s historical support of home ownership and the stable communities that come with ownership.

Among the concerns by REALTORS® is that the negative impact on housing markets of MID and other changes could hurt the already weak condition of the country’s job market.

Last week, U.S. House members received some 20,000 phone calls from REALTORS® to remind them of the country’s historical support of home ownership and its centrality to the American Dream.

NAR has made information on why home ownership matters available on its website at its home ownership matters page.

Source: NAR


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