The mortgage interest deduction is being threatened by some congressional leaders. Loss of the mortgage interest deduction would have the greatest impact on middle income property owners. REALTORS oppose the elimination of the mortgage interest deduction.

Realtors also oppose legislation known as QRM, Qualified Residential Mortgages, to require minimum down payments of at least 20% for a home purchase. This is considered a road block to recovery in the housing market. A National Association of Realtors study indicates that it would take 14 years for most purchasers to accumulate enough savings for a 20% down payment.

Weak underwriting guidelines are the main cause of mortgage defaults, not properly under written mortgages with affordable down payments. Responsible, qualified borrowers desiring home ownership should not be penalized by the overzealous and unscrupulous lending practices utilized by predatory lenders in the recent past.

Realtors are the only political advocates for home owners and we take that task very seriously.

Home ownership contributes to the stability of neighborhoods, strengthens communities and is good for the country as a whole. Real estate ownership is still the best hedge against inflation.

Home owners pay 80-90% of federal income taxes. Each home purchase may inject more the $60,000 into the economy for furniture, home improvements and related items.

Home ownership is a hedge against inflation and provides control over the cost of shelter.

There is a reason home ownership is called the American Dream. People aspire to home ownership for the financial and social benefits it conveys. Housing supports America. America should support housing.