I'm curious of DeeJay's thoughts on this since he's an agent. I swear Obama has no clue sometimes!
Realtors(R) Oppose MID Reduction in Administration Budget Plan - MSNBC Wire Services - msnbc.comWASHINGTON, DC - The National Association of Realtors®, which has supported the Obama administration's housing and stimulus plans, is opposed to the budget proposal that would reduce the mortgage interest deduction for thousands of families.
In a letter sent today to President Obama, NAR President Charles McMillan said, "There is never a good time to propose something that undermines the basic foundation of homeownership, but given our current housing crisis, this has to be the worst possible time."
According to NAR's analysis, changing the mortgage interest deduction will not only negatively impact the 2 percent of families who own homes targeted by the proposal, but also will impact home prices and values across the board. The middle class would see their home values reduced even further by such action, and NAR cautioned the Obama administration that any further pressure on home prices will hamper the economic recovery, raise foreclosures and hurt banks' abilities to lend.