Bob and Oleta Yancey attended Realtor Day at the State Capital this week. Oregon Realtors are opposing five bills introduced this legislative session which would cut or end the Mortgage Interest Deduction.
The Mortgage Interest Deduction has been one of the most powerful incentives for the expansion and preservation of home ownership. The MID allows people to deduct the mortgage interest paid on a mortgage debt of up to $1 million. This useful tool is available for interest paid on a principal residence and up to one extra residence, which is typically a second home.
Mortgage Interest Deduction allows homeowners to get into their homes and use that money from the MID to put it back into the economy. Repealing the MID is a form of tax increase that would hurt families, and especially first-time home buyers. With an economy such as this, hardworking families are already experiencing tight budgets. Removing such a necessary and beneficial itemized deduction would be a substantial setback in the housing market resurgence.
450 Realtors went to the Capital to talk to their Districts Senators and Representative about these Bills and others that would impede the dream of home ownership and undermine the stability in Oregon’s housing market.
What are your thoughts about eliminating the Mortgage Interest Deduction?