WASHINGTON (December 1, 2010) — The following is a statement by National Association of Realtors® President Ron Phipps.
“As the leading advocate for housing and home ownership issues, NAR firmly believes that the mortgage interest deduction (MID) is vital to the stability of the American housing market and economy.
“The MID must not be targeted for change. NAR is actively engaged on behalf of the nation’s 75 million home owners and 1.1 million Realtors® to ensure that the current deduction is not repealed or modified as was recommended in the Deficit Reduction Commission report released today.
“The tax deductibility of interest paid on mortgages is a powerful incentive for home ownership and has been one of the simplest provisions in the federal tax code for more than 80 years. In a new survey commissioned by NAR and conducted online in October 2010 by Harris Interactive of nearly 3,000 home owners and renters, nearly three-fourths of home owners and two-thirds of renters said the mortgage interest deduction was extremely or very important to them.
“NAR will remain vigilant in opposing any plan that modifies or excludes the deductibility of mortgage interest.”
The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.