email from the California Association of Realtors in reference to part of stimulus package

Published by admin on February 27,2009

As most of you know, I try and steer clear of political discourse. My job is to help you get licensed.

However, I found this memo from CAR interesting and I thought I would post it for your information. This most likely went out to all CAR members in California. Please see below.

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Feb. 26, 2009

Dear C.A.R. Member,

As you may have heard, President Obama’s proposed budget includes a provision to reduce the mortgage interest deduction. While C.A.R. has supported and applauds the efforts of the Obama Administration in taking aggressive measures to stabilize both the housing market and the nation’s economy, C.A.R. is strongly opposed to this proposal. C.A.R. has consistently made its opposition to any such change crystal clear with our elected representatives, and will vigorously fight this provision in the halls of Congress.

Few issues are more sacrosanct to homeownership than protecting the mortgage interest deduction. A reduction for those earning more than $250,000 will negatively impact the California housing market, further erode opportunities for homeownership in our state, and will contribute to further price declines and diminished equity for homeowners already reeling from the economic downturn.

There are a number of other real estate-related provisions in the proposed Obama budget that will directly impact our industry and the California housing market. C.A.R. is in the process of analyzing and vetting each one. We will communicate to you our analysis as soon as it’s available.

C.A.R. is working closely with NAR staff in Washington, D.C., to make certain that our collective voice is heard loud and clear on this issue critical to our industry and every homeowner, home seller, or home buyer in the nation. We are readying a letter to the California delegation in Washington outlining our opposition to this regressive proposal.

We’ll keep you updated on events as they occur. Thank you for your continued support.

Sincerely,

James Liptak
2009 President
CALIFORNIA ASSOCIATION OF REALTORS®

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