NAR Ads Favor Mortgage Deduction

The National Association of Realtors has launched a new print advertising campaign, warning that home values could fall 15% if the mortgage interest deduction were capped and converted into a tax credit.The NAR ads began running in Roll Call, a political newspaper, and also will appear in The Hill, the Washington Times, and The Weekly Standard. An NAR spokeswoman declined to say how much the Realtor trade group is paying for the ads. A month ago the president's tax panel recommended capping the mortgage interest deduction at $227,147 (in some areas), while eliminating tax breaks for home equity loans and second homes. The NAR can be found online at http://www.realtor.org.