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Silicon Valley REALTORS(R) Object to Proposal to Reduce Mortgage Interest DeductionThursday, February 26, 2009
- For Immediate Release – Cupertino, CA - REALTORS® are registering their opposition to a proposal by the Obama Administration to place a cap on itemized deductions, including mortgage interest deduction. The proposal, included in the administration’s FY2009 Budget, would cap the value of deductions for mortgage interest, charitable donations, investment expenses and other items at 28 percent for people in the top brackets, or 30 percent less than they can currently receive. The Silicon Valley Association of REALTORS® strongly opposes placing a cap on the mortgage interest deduction. As currently drafted, the plan changes the mortgage interest deduction by reducing the amount of mortgage deductibility on families earning over $250,000. “This proposal has the potential of greatly impeding the recovery of the real estate market in Silicon Valley and across the nation,” Julia Truesdale Keady, president of the Silicon Valley Association of REALTORS® said. “New reductions in the mortgage interest deduction will result in further erosion of home prices and home values. It will set off a new round of price depreciation and cause greater distress on the balance sheets of banks as the collateral value of mortgage backed securities declines.” The National Association of REALTORS® is leading an effort to eliminate this provision from the budget plan. Keady said REALTORS® will be expressing concerns directly to President Obama and to all members of the United States House of Representatives and Senate. “We need to let our lawmakers know that instead of helping the economy, they will actually hurt the people they are trying to help in the stimulus package they just passed,” Keady said. For further comment, Julia Truesdale Keady can be reached by e-mail at jkeady@apr.com, or phone or text message 650.400.0100.
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. For further information, please contact Rose Meily at SILVAR Public Affairs, e-mail , or phone (408) 200-0109. |
