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 March 05, 2009

Obama Budget Plan Places MID at Risk
The NAR (National Board of Realtors) reports that there is a provision in President Obama's budget outline which would place a limit on the MID (Mortgage Interest Deduction). This limit would impact every home owner with a mortgage in the U.S.
The NAR is completely opposed to this provision, as they believe it would have a strong negative effect on the recovery of the U.S. real estate market. If implemented, the MID would be reduced for households which earn over two hundred-fifty thousand dollars annually. NAR feels strongly that this provision, if enacted would only result in the continued decline of both home values and home prices; even possible causing a second credit crisis to emerge throughout the country before our current situation is resolved.

The National Board of Realtors has expressed its concerns directly to President Obama, all members of the House and Senate, as well as placing advertisements in every publication read by Washington, D.C. decision makers.