Realtors launch ad campaign to protest tax recommendations

The National Association of Realtors this week launched an advertising campaign warning that home values could drop significantly if the recommendations of a federal tax reform panel to reduce the mortgage interest deduction were implemented. "All homeowners will suffer if this policy is enacted, whether they take advantage of the mortgage interest deduction or not," said Thomas M. Stevens, NAR president and senior vice president of NRT Inc. "Reducing the mortgage interest deduction would drive down home values and have a devastating effect on the housing market as well as the nation's economy." The ad uses a picture of a typical house inside a pie chart, with 15 percent of the home sliced off in red to illustrate the percentage loss to the homeowners if the mortgage interest deduction were converted into a tax credit. "More than 1.2 million Realtors urge the administration and Congress to say 'no' to undermining this important incentive for homeowners," the print ad states. The ad i...