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NAR: Obama Budget Item Could Hurt Mortgage Interest Deduction

February 26th, 2009 3:25 PM

Charles McMillan, president of the NATIONAL ASSOCIATION OF REALTORS®, released the following statement this afternoon on a provision in the Obama administration's proposed budget outline. The proposal would place a cap on itemized deductions that would limit the mortgage interest deduction (MID) amount for many households and impact the housing market for everyone.

Fellow REALTOR®,

You may have seen news reports about President Obama’s Budget Proposal that was released today at 11:30 a.m., Eastern Time. A small section of the sweeping budget plan has the potential to become a major impediment to a recovery in real estate markets across the nation. NAR is 100 percent opposed to the provision that modifies the Mortgage Interest Deduction and is prepared to use its formidable array of resources against its enactment.

As currently drafted, the plan changes the Mortgage Interest Deduction by reducing the amount of mortgage deductibility on families earning over $250,000. This proposed change in the Mortgage Interest Deduction will result in further erosion of home prices and home values. If this proposal is enacted it will set off a new round of price depreciation, will cause greater distress on the balance sheets of banks as the collateral value of mortgage backed securities declines. A second credit crisis could emerge before the first one is resolved.

As you read this NAR is launching a multiphase plan of action to eliminate this provision from the budget plan. In the next 24 hours, NAR will be expressing our concerns directly to President Obama, to all members of the United States House of Representatives and the Senate, placing advertisements in the publications read by Washington, D.C., decision makers. Additionally, NAR will be forming a coalition with other groups affected by this proposal.

This communication is the first salvo of our response, we will continue to update you as the situation and events warrant.

Source: NAR

Posted by Phillip Cantrell on February 26th, 2009 3:25 PMPost a Comment (0)

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Just Listed! 805 Legends Glen Ct Franklin, TN 37069

February 5th, 2009 8:53 AM

$1,399,000.00
805 Legends Glen Ct

Franklin, TN 37069

Beds: 4.0	Rooms: 15
Baths: 4.00	Sq. Ft.: 6531.00
Garage: 3.0	Built: 2000

A LOT Bigger Than it Looks! THE BEST lot in Legends Ridge with amazing views of lake!

This is a new listing that
I thought you might be
interested in. Visit this
listing online to see more
photos of the property,
Google Earth satellite
images, and much more.

If you have any questions
about this property or
require more information,
please feel free to call.

Phillip Cantrell
Benchmark Realty LLC
6153711544
www.benchmarkrealtytn.com

Visit this listing at Here

Posted by Phillip Cantrell on February 5th, 2009 8:53 AMPost a Comment (0)

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Don’t you just love our economics?

February 2nd, 2009 11:35 AM

Don’t you just love our economics?

Yesterday while hosting a super bowl party, one of my guests (thanks, Paul) handed me an email containing an interesting explanation of the new president’s stimulus payment. While I cannot take credit for authorship – I don’t know who the original author is – I think it’s important to distribute this information because while it IS meant to be tongue-in-cheek, it also makes some interesting observations about what we have become as a nation, versus what we have been told (read: “sold”) by our new government. I present it here for your entertainment.

This year, taxpayers will receive an Economic Stimulus Payment. This is a very exciting new program that I will explain using the Q and A format:

Q. What is an Economic Stimulus Payment?

A. It is money that the federal government will send to taxpayers, whether they actually paid taxes or not.

Q. Where will the government get this money?

A. From the taxpayers that did pay taxes.

Q. So the government is giving me back my own money?

A. Only a smidgen.

Q. What is the purpose of this payment?

A. The plan is that you will use the money to purchase an HD TV, thus stimulating the economy.

Q. But isn’t that stimulating the economy of China?

A. Shut up.

Below is some helpful advice on how to best help the US economy by spending your stimulus check wisely:

If you spend that money at Wal-Mart, all the money will go to China.

If you spend it on gasoline, it will go to the Arabs.

If you purchase a computer, it will go to India.

If you purchase fruit and vegetables it will go to Mexico, Honduras, or Guatemala (unless you specify home grown, organic).

If you buy a car it will go to Japan or South Korea.

If you purchase useless junk it will go to Taiwan or Malaysia.

And none of it will help the American economy.

We need to keep that money here in America. You can keep the money in America by spending it at yard sales, going to baseball games, spending it on beer (domestic only) or tattoos, since these seem to be the only businesses still left in the USA.

Posted by Phillip Cantrell on February 2nd, 2009 11:35 AMPost a Comment (0)

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