Over 12,000 virtual participants on Twitter and other social media, and more than 15,000 real-estate professionals descended on the Capitol in Washington, D.C., on Thursday for a “Rally to Protect the American Dream.”
The event, organized by the National Association of Realtors (NAR), is part of increased political activity by the NAR and other groups like the National Association of Home Builders over proposals in Congress or before federal agencies that they fear will hurt the housing industry. There are also local rallies around the country focused on protecting home ownership.
Among the issues that are raising the concern are:
- Rules requiring larger down payments on mortgages.
- Proposals in Congress to eliminate or limit the tax deduction on mortgage interest.
- Suggestions that the $500,000 exemption from capital gains tax for couples who sell their homes (it’s $250,000 for single home sellers) be eliminated or curtailed.
- The future of the National Flood Insurance program.
- The future of Fannie Mae and Freddie Mac and the role of those government-supported entities in making mortgages available.
The NAR increased its annual dues $40 last year to raise $80 million for political advocacy in the next two years, Inman News reported. The rally was part of a week of lobbying in Washington on housing issues.
via MSN Listed