Side with us, or lose a house. That’s essentially what Gary Thomas, president-elect of the National Association of Realtors, was saying this week at the Republican convention when he warned against the elimination of the mortgage-interest deduction.
Thomas was provoked by talk from the Republican Party’s presidential nominee, Mitt Romney, and his advisers of “limiting” the homeowners’ tax break. So provoked, in fact, that Thomas didn’t just criticize. He went apocalyptic: “It’s going to reduce prices again, which would drive that many more people underwater, which could throw us back into a deeper recession than we’re already coming out of.”
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