Mortgage Deductions

I know that NAR's position is that the mortgage interest deduction is vital to the stability of the American housing market and economy and is opposing any future plan that modifies or excludes the deductibility of mortgage interest. Some of you may have heard of people that realtors and builder’s refer to as  NIMBY’S.  Those are people that oppose growth of any kind and always show up at council meeting and planning commissions speaking out against any type of a housing or commercial development.  We refer to those people as NIMBY’S (not in my back yard).  I have always felt that to blanket all growth as bad, as in environment, traffic, air quality and whatever reason you can come up just doesn’t make sense. Today most responsible citizens and communities want intelligent growth because as we all know growth is good whether it’s Fontana, Los Angeles or even Aspen, CO.

I think NAR’S position on mortgage deduction is wrong. It’s just as wrong as saying all growth is bad.  I think when it comes to fixing our financial problems that no one group or organization should say that they’re programs or deductions shouldn’t be touched. If the real estate community were to make a effort to help the national budget as every organization should, than we need to help also. I support  not allowing second home deductions and placing a cap on primary home mortgage deductions up to $500,000.

Everybody has their sacred cow and reasons why theirs shouldn’t be touched. But if we’re ever going to move forward and put this countries house in order we all need to do some belt tightening.

Best, Bob