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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 loan mortgage rate refinance money

RBI cuts repo by one pc; loans to get cheaper (Chennai Online)
Mumbai, Oct 20 After shoring up the banking system with Rs 145,000 crore funds, the Reserve Bank today paved the way for cheaper home, consumer, corporate and personal loan rates by slashing its key short-term lending rate (repo) by 100 basis points.

Consumer Loan Ratings (The Springfield News-Leader)
Springfield financial institutions quoted the following rates Friday for home equity, auto and boat loans. The home equity rate is based on a $10,000 loan or line of credit with applicable points included. Rates are variable unless otherwise noted. Additional fees are not included. The auto loan rate is based on a 48-month contract for a new car. The boat rate is based on a loan for a new boat.

Wealth Special: Will a CRR cut reduce loan rates? (IBN live)
As RBI cuts CRR, Wealth tell you how this move your home loan interest rate.

ANZ cuts variable home loan rate (The West Australian)
ANZ Banking Group Ltd has moved to lower its variable home loan interest rate by 25 basis points, saying the cost of wholesale funding was easing. Effective from Monday, October 27, the interest rate on ANZ's standard variable rate home loan will fall by 0.25 percentage points to 8.32 per cent.

CBA joins rate cut rush (Adelaide Now)
THE Commonwealth Bank of Australia has cut its home loan rates, the third major bank to make a cut independent of the Reserve Bank.

Commonwealth Bank cuts home loan rates (Australian Broadcasting Corporation)
The Commonwealth Bank has joined its rivals in cutting its main mortgage rate.