Chicago Relocation

Mr. Obama’s budget angers NAR

March 1, 2009

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Mr. Obama’s budget, released Feb 26th, has really angered NAR!  As stated in the recent Chicago Association of Realtors article “NAR is 100% opposed to the provision that modifies the Mortgage Interest Deduction and is prepared to use its formidable array of resources against its enactment.” In short, the plan will change mortgage interest deductions by affecting mortgage deductibility on families earning over $250K and individuals with incomes above $200K.  While this may be less than 5% of total taxpayers, it surely is a larger portion of those transferees moving into Chicago or out of Chicago.  NAR’s position is that this program will set “a new round of price depreciation” and further heighten the current spiral of home values.

NAR plans to form a coalition with other industries and groups affected by this proposal.

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