There has been much chatter about the possibility of changes to the Mortgage Interest tax Deduction for homeowners. The following article appears on realtor.org as the National Association of Realtors strongly opposes the proposed change:
Following the release of the Deficit Reduction Commission’s report, which recommends scaling back the mortgage interest deduction, the National Association of Realtors® is warning Congress of the potentially devastating effects of such change on American families and the economy. As part of this effort, NAR placed an ad, which appears at right, in several prominent Capitol Hill publications, including: Politico, The Hill, and National Journal.
It reads:
The 1.1 million members of the National Association of REALTORS® strongly oppose proposals to reduce the mortgage interest deduction (MID). Hard-working American families’ budgets are already stressed. Reducing or eliminating the mortgage interest deduction would pull even more money directly out of their wallets. If this crucial deduction is eliminated or reduced, home values will further erode. That’s something America simply can’t afford in this unstable housing market.
Source: realtor.org
http://www.realtor.org/government_affairs/mortgage_interest_deduction/facts_ad_2010