Reducing Mortgage Interest Deduction on Families Making Over $250,000

President Obama’s budget proposal to reduce the amount of mortgage interest deduction on families earning over $250,000.00 a year is a major impediment to a real estate recovery. The National Association of Realtors is unequivocally opposed to this plan. The average house price in the Newton/Brookline area is $900,000.00 or so. A $250,000 salary barely lets you afford the average house here. If this is plan enacted it will cause a secondary round of price depreciation and cause more havoc with an already fragile banking system. The NAR is going to do everything it can to prevent this from passing. In the coming days I will post a link to so you too can get involved. The housing market needs your help.