Act Now to Save the Mortgage Interest Deduction

Act Now to Save the Mortgage Interest Deduction

by Michelle Carr-Crowe, San Jose Saratoga Lynbrook Homes & Cupertino Schools Home Selling Expert

I've been cautioning my clients for the past two years to expect an attack on the mortgage interest deduction. Most people have thought I was overreacting.

However, now we hear the Deficit Commission has proposed changing the current mortgage interest deduction as a way of balancing the budget.

NAR's 2001 president Ron Phipps is encouraging all agents to let Congress know that changing the mortgage interest deduction will negatively influence the economy and housing markets. People who are now considering buying a home will hesitate, uncertain as to whether the benefit will continue. We already know that hesitation can be financially painful, even deadly, to the housing market.

Please call NOW and tell your representative to help defend home ownership and the MID*.