National Association of Realtors Planning a "Call to Action" on March 28

The National Association of Realtors intends to launch a "Call to Action" on Monday. The association is asking its members to contact their congressional representatives and ask them to support the position that not allowing homebuyers to deduct interest on their mortgages is more harmful than beneficial.

Officially, the association is trying to gain support for a congressional resolution that the current federal income-tax deduction on interest paid on debt secured by a first or second home should not be further restricted.

"That would really kill the market," said Eileen Maranuk, branch manager at in Sewickley.

Maranuk, who been in real eststae for 28 years, said she remembers when interest rates were 17 percent, unlike today's single digits. She said the deduction is certainly one big selling point for many people who buy properties. To take it away would be taking a huge incentive for them, she said.

“That would be something that would probably give some buyers a little pause as to what they may or may not do, and what price range home they may be looking at," she said.

Some opposition to that resolution stems from a belief that deducting this interest from homeowners' taxes, especially from owners of their second homes, is difficult to justify in tough economic times.

Many real estate professionals have argued, though, that restricting mortgage interest deduction will harm their ability to sell homes.

With a stable real estate market being such a cornerstone of the economic recovery process, Maranuk said she doesn’t believe it’s wise to take away an incentive that is helping an economy still in the  rebuilding process, especially when many homes are in foreclosure.

“Even in this area, high income, we’ve had quite a number of foreclosures and we’re lucky here, compared to other places,” Maranuk said.

In , where the variety of is a major draw and the of homes tends to be a little higher than in the area, Maranuk said the deduction would be a huge hit.

“When you think ‘Oh, that doesn’t sound like much’ and you start calculating that onto a property, even for a $100,000 home you’re talking about a lot of money,” Maranuk said.

 , a Whitehall resident and an agent for  in Baldwin Borough , said, "We need to continue the American dream of owning a home, and some of the people that already own a home need this deduction to continue to afford their mortgage.

"As realtors, we need to encourage people to buy instead of rent. One of the positives of home ownership that we provide to our clients is mortgage interest deduction. If we continue to put a negative impact on home ownership, it's going to hurt our economy and our neighborhoods because people won't buy homes," Vamos said.

Maranuk said with the cost of gas, the rising cost of healthcare, and myriad other costs added thrown into the mix, it's becoming harder for homeowners to catch a break.

"What’s the real incentive anymore to buy a home? That’s a really big one for anyone, regardless of what economic income class they happen to be in,” Maranuk said. 

“I don’t know where else they can take away from us,” she said.

Perhaps you think that mortgage interest deduction should be restricted, or perhaps you agree with Maranuk and Vamos.

Either way, you may contact your congressional representative here.

View the resolution and its sponsors here.