NAR, the National Association of Realtors has issued a “Red Alert” call to action, asking all Realtors to join them in reminding congress how important the Mortgage Interest Deduction (MID) is to national and local real estate markets, and to the economy as well.
There has been talk recently of changes to, or the elimination of, the homeowner’s tax deduction for mortgage interest. The federal policy choice to support and nurture home ownership has been in the Internal Revenue code since its inception. Now is not the time to undermine that basic decision.
The tax system does not “cause” home ownership, People buy homes to satisfy many social, family and personal goals. The tax system facilitates home ownership. The tax system supports home ownership by making it more affordable
The state of the real estate market, whether thriving or struggling, has a huge ripple effect, either buoying, or depressing local economies. Research has consistently shown that a reduction or loss in the MID will cause the value of existing homes to fall. Research also shows that this loss in value is never fully recouped.
With the help and support of its members, the National Association of Realtors has stood up, once again, in support of the MID. They are asking for your continued support.
Realtors, you can go to the NAR website, Realtor.org, and will be connected via cell phone to your representatives in the House, as well as in the Senate. There is also a list of talking points (from a Realtor’s stand point)
For anyone else interested in taking a stand and voicing your opinion, you can find your representatives by going to;