Is NAR giving the mortgage tax break too much attention?

NAR should take steps to put considerable clout and resources behind initiatives that enable Americans to obtain homeownership
  • NAR should be pursuing aggressive action on innovative suggestions that address affordability, lack of inventory and how renters can become homeowners more quickly rather than chasing the MID that only affected 5.4 percent of home loans this year.

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

Last week, NAR’s Chief Economist, Laurence Yun and Ken Rosen, of the Rosen Consulting Group, made the case against the Trump tax plan that would max out the MID at $500,000. The underlying issues are affordability, consumers struggling to come up with down payments and a lack of inventory. NAR is still in the process of digesting what to do about the Trump tax plan, but its initial position is clear -- fight for the MID. Yun explained, it’s what 80 percent of its members want. Jennifer von Pohlmann, senior data PR manager at ATTOM, sent an email with data that suggests NAR may be wise to re-evaluate its position. "With the recent Republican tax proposal calling for the cap on mortgage interest deductions reduced from interest paid on $1 million in home loans down to $500,000, ATTOM Data Solutions took a state and county level look on all loans (purchase and refinance) originated so far in 2017 for single family homes and condos to see the areas with the most homeowners imp...