The
sun rises in the east and, almost as dependably, someone in Congress comes up
with the bright idea of chipping away at the mortgage interest rate deduction. Think
of all that money Washington could spend!
The
National Association of Realtors®
is one of the main reasons that idea doesn't get much traction – nor many of
the other threats to the traditional benefits Middle Ga homeowners enjoy. The reason homeowners (even those without mortgages) shudder
at attacks on the interest rate deduction is that the result would be to
abruptly X-out a great chunk of the home-buying public. That includes most
young couples and many other groups, including many retirees who are currently
just squeaking by. Home values would necessarily drop; jobs in the new
home-building industry, dry up. The disruption of the real estate market (the
largest part of the national economy) would spread mayhem through many other
sectors. If the damage were widespread enough, total tax revenues might even
drop!
Every
year, the National Association of Realtors funnels local members’ dues into
providing a strong bulwark against the forces that threaten homeowners. The NAR
spends over $40 million annually on campaigning and marketing public service
messages about the benefits of home-ownership.
During the recent world financial debacle, they countered
the doom-and-gloom headlines. The underlying good news never changed: owning a
home is still one of the most attainable ways average Americans can build
long-term wealth.
Facts:
·
Over the past half century, median home values
have increased by an average of more than 57% every 10 years
- Home prices typically beat
inflation by one or two percentage points
- Housing sales in 2012 were the best
in five years
When you have owned your home for
only a year or two, you may still be waiting to confirm all that
wealth-building potential the National Association of Realtors is always
championing. Nevertheless -- for Warner Robins homeowners
who have 10 years or more under their belts – the equity they are likely to
have accumulated is at least partly due to the efforts of the NAR.
We all know that real estate is a supremely local
thing. But sometimes it’s nice to know that REALTORS
in Houston County are doing their part to look out for
us all at the national level.
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