Owning a home used to be the American dream, but there are some things that could threaten the future of homeownership, according to the National Association of Realtors.
Gary Thomas, NAR president, said that the next few years are going to be pivotal for the future. Two things that could negatively affect homeownership are the cancellation of the mortgage interest deduction and tight lending restrictions.
"Normally, nearly nine out of 10 home buyers must borrow money to buy a home," Thomas said. "Tax benefits like the MID help hard-working families begin building their future through homeownership. And encouraging homeownership has shown to strengthen families, communities and our nation's economy."
Additionally, Realtors fear that a narrowly defined Qualified Residential Mortgage could limit mortgage availability. NAR research showed that this could cause potential buyers to choose between higher rates or a 9-14 year delay while they save for a down payment.
According to MarketWatch, Jed Kolko, chief economist at Trulia, said the mortgage interest deduction could be saved with President Barack Obama being re-elected.