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REALTOR®: REALTORS® place open letter in top newspapers calling for preservation of MID

Wednesday, December 26, 2012

The California Association of REALTORS® has placed an open letter advertisement in California's six largest daily newspapers, calling on President Obama and Congress to preserve the mortgage interest deduction in its entirety during their "fiscal cliff" discussions.

The letter was placed in a full-page ad in the Los Angeles Times, San Francisco Chronicle, San Jose Mercury News, Sacramento Bee, U-T San Diego, and the Orange County Register, and states any proposal that eliminates or attempts to alter in any way the mortgage interest deduction (MID) undermines a century-old commitment to the American Dream of homeownership. The letter also asks the public to visit www.KeepTheMID.com to learn how they can contact their member of Congress and ask them to protect the MID.

"The mortgage interest deduction makes a substantial difference for lower- and middle-income families," said C.A.R. President Don Faught, under whose signature the letter was written. "If the deduction is taken away, it would cost the average California taxpayer $3,940 annually; further, more than 694,000 California households would no longer be able to afford to buy a median-priced home."

"While current discussions involve reducing the limit to $500,000 for a primary residence and eliminating it entirely for second homes, any attempts to reduce the mortgage interest deduction would not only have deleterious effects on homeownership, but also be tantamount to taking the first step toward wholesale elimination of this long-standing deduction," the letter states.

C.A.R., along with the National Association of REALTORS® and local trade associations, including the Silicon Valley Association of REALTORS®, have issued a call to action to all members to contact their members of Congress and urge them to keep the MID intact, telling members this is probably the most important call they will make all year.

The REALTORS® contend the housing market and the economy are on the road to recovery. Any changes to the mortgage interest deduction now or in the future could place the housing market and the nation's economy in jeopardy, and close the door on the American dream for many Americans.


The Silicon Valley Association of REALTORS® (SILVAR) is a professional trade organization representing over 4,000 REALTORS® and Affiliate members engaged in the real estate business on the Peninsula and in the South Bay. SILVAR promotes the highest ethical standards of real estate practice, serves as an advocate for homeownership and homeowners, and represents the interests of property owners in Silicon Valley.

The term "REALTOR®" is a registered collective membership mark which identifies a real estate professional who is a member of the National Association of REALTORS® and who subscribes to its strict Code of Ethics.

Variations of this article have appeared in local area newspapers.

For further information, please contact Rose Meily at SILVAR Public Affairs, email , or phone (408) 200-0109.

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