Last week, President Obama presented his proposed budget plan for fiscal year 2010. Included in the proposed plan is a provision to reduce the mortgage interest deduction for those earning more than $250,000.

C.A.R. and NAR are strongly opposed to this provision and are working to lobby lawmakers to oppose it as well.

A reduction for those earning more than $250,000 will negatively impact the California housing market, further erode opportunities for homeownership in our state, and will contribute to further price declines and diminished equity for homeowners already reeling from the economic downturn.

C.A.R. has sent letters of opposition to lawmakers expressing concern and offering assistance to work on and support additional housing and economic incentives to aid the nation to a recovery.

To read the letter of opposition sent to the U.S. House of Representatives, please visit:
http://www.car.org/media/pdf/159683/commentltrfeb09/.