Posted by: Marvin Remmich | March 26, 2011

Mortgage Interest Deduction Under Attack | NAR Reports: What Happens If The Deduction Is Gone?

In case you didn’t know it…there is a very real chance that the coveted mortgage interest tax deduction (MID) is going to be…cancelled. Seriously.

Be aware of what the NAR is doing not just for homeowners but, our industry.

* 61% who earn under $100,000 per year use the MID.

* 91% who earn under $200,000 per year use the MID.

Average American family saves on average $3500 in taxes….that’s real money.

Here is the scary part…if the MID goes away its predicted that home values across the board would fall by…15%! The assumption is that if folks can’t use the MID they will spend LESS on a home…or not buy AT ALL.

If you don’t think this is an urgent issue..watch this NAR video:

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