Results 1 to 5 of 5

Thread: REALTORS Oppose MID Reduction in Administration Budget Plan

  1. #1
    Tart with a Heart
    StandUpChuck's Avatar
    Join Date
    Sep 2008
    Location
    New England
    Last Seen
    07-29-11 @ 01:41 PM
    Gender
    Lean
    Undisclosed
    Posts
    10,188

    REALTORS Oppose MID Reduction in Administration Budget Plan

    I'm curious of DeeJay's thoughts on this since he's an agent. I swear Obama has no clue sometimes!

    WASHINGTON, 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."

    <snip>

    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.
    Realtors(R) Oppose MID Reduction in Administration Budget Plan - MSNBC Wire Services - msnbc.com
    Quote Originally Posted by soccerboy22 View Post
    You guys are weird.

  2. #2
    Sage
    Khayembii Communique's Avatar
    Join Date
    Nov 2006
    Location
    Milwaukee, WI
    Last Seen
    Today @ 12:28 AM
    Gender
    Lean
    Undisclosed
    Posts
    7,887

    Re: REALTORS Oppose MID Reduction in Administration Budget Plan

    So they're arguing that this takes away the responsibility of homeownership? Are they idiots? Or am I just missing something?

  3. #3
    Tart with a Heart
    StandUpChuck's Avatar
    Join Date
    Sep 2008
    Location
    New England
    Last Seen
    07-29-11 @ 01:41 PM
    Gender
    Lean
    Undisclosed
    Posts
    10,188

    Re: REALTORS Oppose MID Reduction in Administration Budget Plan

    Quote Originally Posted by Khayembii Communique View Post
    So they're arguing that this takes away the responsibility of homeownership? Are they idiots? Or am I just missing something?
    I wasn't allowed to quote the entire article. The National Association of Realtors (r) who have been Obama supporters, are saying the proposed change to the MID will result in a further erosion of home values & prices. They also believe this will cause further bank problems with lower home values on the books and could eventually cause another credit crisis.

    “The tax deduction of interest paid on mortgages is both a powerful incentive for homeownership and one of the simplest provisions in the tax code. It should not be targeted for change,” McMillan said.

    I have more from NAR this am but am awaiting their permission to reprint it here.
    Quote Originally Posted by soccerboy22 View Post
    You guys are weird.

  4. #4
    Sage
    UtahBill's Avatar
    Join Date
    Sep 2005
    Location
    Utah
    Last Seen
    12-03-17 @ 01:39 AM
    Gender
    Lean
    Moderate
    Posts
    17,687

    Re: REALTORS Oppose MID Reduction in Administration Budget Plan

    IIRC, our northern neighbors in Canada, don't get MID, and they still manage to buy houses.
    But, I agree that it would be a hardship to many. Perhaps it should only be capped to a certain amount per year that would cover the middle class, even if it means putting the screws to the poorly treated rich.
    If it goes that way, I will shed a tear or two for those who can afford more than one house, or one really fancy house, maybe even 3 tears, but that is all.....
    Oracle of Utah
    Truth rings hollow in empty heads.

  5. #5
    Guru

    Join Date
    Jun 2006
    Last Seen
    05-13-11 @ 09:01 PM
    Gender
    Lean
    Independent
    Posts
    4,075
    Blog Entries
    3

    Re: REALTORS Oppose MID Reduction in Administration Budget Plan

    It may be of Interest to note that the UK did away completely with allowing Mortgage Interest Payments to offset Tax.
    This in no way caused the value of houses to be reduced.
    That particular nasty was caused when the housing bubble burst.
    The market recovered in the UK, the housing market in most countries has once again gone way way down.
    Folks, it will at some point recover.

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •