Changes to the mortgage interest deduction could threaten recent progress toward stabilizing the housing market,

National Association of Realtors® NAR Chief Economist Lawrence Yun argues that now is the worst possible time to discuss changing the tax laws, which could critically erode home prices and values, destroy middle-class wealth accumulation and further impair the housing market’s fragile recovery and a broader job market recovery.

“One thing that is indisputable is that eliminating the MID will lower the homeownership rate in the U.S.,” Yun said. “While we must ensure that the conditions that led to the artificially inflated home ownership rate of the bubble years do not resurface, we also need to create the conditions for sustainable home ownership, which has been shown to provide myriad social benefits for families and communities.”

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