In late November, President Obama’s Deficit Reduction Commission released its preliminary recommendations, and one of the provisions called for dramatically limiting the MID. Since then, the commission failed to win enough votes to approve the recommendations. However, it is very likely that legislation will be introduced next year to curtail the MID. Few issues are more important to homeownership than the mortgage interest deduction, and while the housing market continues to recover, any change that reduces the ability of the market to heal is misguided and must be rejected.
Beth L. Peerce
2011 President
CALIFORNIA ASSOCIATION OF REALTORS®
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