Buckhead Condo News: Elimination of Mortgage Interest Deduction Opposed by Americans

Buckhead Condo specialists who have spent many successful years working in the Buckhead vertical condo market.

Atlanta, GA (prHWY.com) February 20, 2012 - Elimination of Mortgage Interest Deduction Opposed by Americans

The Voice of the American Homeowner

1,500 voters were recently polled through a new survey about housing policies and Americans who own homes. Conducted by the Democratic and Republican polling firms of Public Opinion Strategies, an Alexandria, Virginia Company, and Lake Research Partners, the survey was done for the National Association of Home Builders. According to the survey, Americans who own homes are overwhelmingly opposed to both the elimination of the mortgage interest tax deduction and any effort to lessen the role of the federal government in helping qualified applicants to find and get mortgages that they can afford.

75 percent of those polled felt that it was both "appropriate and reasonable" for current tax incentives for homeowners to remain in place. The majority of those responding to the poll agreed, including 84 percent of the Democrats, and 71 percent of both Republicans and Independents. Two-thirds of those polled also believed that the federal government should also be helping those buying homes to be able to find affordable 30 year or long term mortgages with fixed rates.

American voters are clearly stating that owning a home is still an important facet of the American Dream. They also feel that a federal commitment to this idea is important to the maintenance of a healthy middle class and an important way to get housing, and our national economy, back where they belong.

Tax Deduction for Mortgage Interest

It has been suggested that the mortgage interest deduction be done away with, a move opposed by 73 percent of voters. This included 71 percent of Democrats, 77 percent of Republicans, and 71 percent of Independents.

There have been tax incentives which promote home ownership since the inception of the federal income tax, 97 years ago. The National Association of Home Owners poll showed that a majority of respondents opposed:

* the reduction of the mortgage interest deduction
* eliminating the deduction for interest paid on a second home
* limiting deductions for those who earn over 250k per year
* lowering deductions for those with mortgages over 500K
* elimination of deductions for interest paid on home equity loans



Feelings About Home Ownership

96 percent of the respondents to the survey expressed happiness about their decision to own homes and even 84 percent of those who were underwater felt the same way. 78 percent of those polled said that home ownership was very important to them and 68 percent who responded but did not yet own a home said that home ownership was a future goal.

80 percent of homeowners said that they would suggest to both friends and family members that home ownership is a wise decision. Interestingly enough, 69 percent of those underwater on their mortgages would also advise those close to them to buy a home. This bit of information will undoubtedly be used in the upcoming elections as well as the fact that 75 percent of respondents feel that home ownership is the best long term investment that a family can make. However, respondents said that coming up with money for a downpayment and closing, combined with uncertainty in the job market, keep people from buying homes. This is not unlike figures coming out of similar studies.

Even with the economy the way it is, it appears that home ownership is still a big part of the American Dream and most people who don't own a home hope to own one in the future. Anyone running for office this fall should keep in mind that voters are not going to appreciate candidates who want to get rid of federal help for home owners.

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