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Survey Shows Opposition to Down Payment Requirements and Elimination of Mortgage Interest Deduction
The National Association of Realtors’ (“NAR”) ninth housing pulse survey reflects that, as the housing market continues to struggle, Americans worry that policy proposals coming out of Washington could drag the market down further or deter potential new homeowners.
There is particular concern surrounding calls for a required down payment of 20 percent on home purchases. Seven-in-ten Americans say requiring a down payment of 20 percent on the cost of a home would have a negative impact on the housing market. The survey also shows strong concern about the possible elimination of the home mortgage interest deduction. Two in every three Americans, 67 precent, oppose eliminating the home mortgage interest deduction as part of a plan to reduce the federal deficit. A majority of Americans (51 percent) strongly oppose eliminating it. Americans believe that either action would have severe consequences for the housing market.
The survey, which measures how affordable housing issues affect consumers, also found job security concerns remain high, with 61 percent of Americans saying that job layoffs and unemployment are a big problem in their area; eight in 10 cite these issues as a barrier to homeownership.
The telephone survey of 1,250 adults nationwide, with an oversample of 250 interviews in the top 25 metropolitan statistical areas was conducted for NAR by American Strategies and Myers Research & Strategic Services for NAR’s Housing Opportunity Program.
Some key findings from this year’s survey include: