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benefits shrink. Almost 36 million taxpayers claimed the deduction in 2003, according to the most recent statistics compiled equity home loan maine the Internal Revenue Service. The President's Advisory Panel on Federal Tax Reform urged the administration to do away with the deduction and replace it with a credit worth 15 percent of interest paid during the year. They would scrap the equity home loan maine for property taxes, too. If enacted, mortgages eligible for the tax break would be limited by a formula reflecting the average regional price of housing. If in place today, that range would spread from $227,000 to $412,000. Mortgages for second homes and interest paid on home equity loans would not be eligible for the equity home loan maine Taxpayers who currently own homes would have five years before they had to use the new credit. During that period of transition, a taxpayer could still take a deduction but the size of the mortgage eligible for a tax break would gradually fall. At the end of five years, everyone would be using the proposed credit. Connie Mack, a former Florida senator and chairman of the tax panel, said less than 5 percent of mortgages equity home loan maine the nation exceed equity home loan maine proposed cap. ``It is a fair plan. It shares the benefits,'' he said. For homeowners with a small mortgage who don't itemize their deductions, the credit means a new tax benefit defraying the cost of housing. Still, at more than 6% per year, those prices have equity home loan maine more than double the rate of inflation over that period. There is no question that the lack of new-home building in many parts of the country has contributed to rapid run-ups in prices for existing homes; it's no coincidence that some of the cities that make it most difficult for home builders to bring new land to market are also the cities that have shown the steepest existing-home price gains of late. Even though they make their money by building and selling houses, the home builders may soon equity home loan maine it as a blessing that they don't have