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U.S. Homeowners Oppose Proposal To Replace Home Mortgage Interest Rates Deduction With 15% Tax Credit
Only six percent of homeowners said they favored the proposal. The remaining nine percent said they were undecided. In addition to replacing the home mortgage interest deduction - an important component of the U.S. tax code since 1913 - the Advisory Panel would eliminate deductions for state and local taxes, including property taxes; eliminate interest deductions for home equity loans and second homes; and eliminate the Low Income Housing Credit. "Our survey represents a random sampling of homeowners," said Michael Bearden, president and CEO of HouseHunt-Inc.com. "While not scientifically designed, we feel that our survey results accurately reflect homeowner sentiment." Bearden also pointed to a national survey conducted earlier by RT Strategies on behalf of the National Association of Home Builders. That survey found that 68% of respondents said they want to retain current homeowner deductions." In late October, the million-member National Association of Realtors launched an aggressive advertising and public relations campaign to convince members of Congress and the leadership of key congressional committees to oppose the Advisory Panel's recommendations. The real estate industry trade association predicts that home prices, particularly in high cost areas, could decline as much as 15% if the proposal is adopted. Eight members of the House Ways and Means Committee recently sent a letter to Treasury Secretary John Snow urging the Bush Administration to reject the Advisory Panel's proposal. One of the committee members, Rep. Jerry Weller (R-IL), said that a typical middle-class homeowner in his state would see a tax hike of $2,000-$2,500 under the proposal.
For additional information on HouseHunt, Inc., and the products and services it provides, please visit the HouseHunt-Inc.com corporate website.
About the author:
Monte Helme is a national public relations consultant with HouseHunt, Inc. Visit HouseHunt.com's real estate page to search homes for sale or find out what is your home worth at moveUP.com.
More Useful Resource and Updates on home mortgage loan rate second loanhome equity
- Bank of America creates home retention program for Countrywide customers (Banking Business Review)
Bank of America has announced the creation of a proactive home retention program that will systematically modify troubled mortgages with up to $8.4 billion in interest rate and principal reductions for nearly 400,000 Countrywide Financial customers across the US.
- Westpac cuts home loan rate by 0.8% (The West Australian)
Westpac Banking Corporation has reduced its standard variable home loan rate by 80 basis points to 8.56 per cent, passing on most of the Reserve Bank of Australia's (RBA) cut in the overnight cash rate.
- Home loan rates topple (Daily Telegraph)
LENDERS are cracking under the pressure of today's massive official rate cut, passing on reductions of up to 0.8 per cent on standard variable home loans.
- Countrywide settles suit, offers direct loan relief (The Charlotte Observer)
Countrywide Financial has agreed to the largest program ever to modify home loans, as part of a settlement with officials in North Carolina and 10 other states, just days after the federal government adopted a giant financial rescue package without any relief for distressed homeowners. Countrywide, the nation's largest lender and loan servicer, recently acquired by Bank of America, had been sued ...
- TD boosts home equity loan rates (London Free Press)
TORONTO -- One of Canada's biggest mortgage lenders, TD Canada Trust, is increasing the interest rate charged for its home equity line of credit and variable-interest mortgages.
- Westpac and Aussie make big rate cut (Sky News Australia)
Westpac Banking Corporation has reduced its standard variable home loan rate by 80 basis points to 8.
- Westpac cuts home loans by 80bp (Daily Telegraph)
WESTPAC says it will cut its standard variable home loan rate by 80 basis points.
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