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National Association of Home Builders CEO Jerry Howard said his members were "irate" at the GOP-proposed changes to the mortgage interest deduction.

In an interview with CNBC, Howard voiced the concern that this cut would devalue 7 million homes or more currently on the market costing $500,000 or more, and that losses in value would spread throughout the entire housing market.

Stocks of the major homebuilders were falling Thursday after the tax plan was announced. Toll Brothers, a Horsham, Pennsylvania-based luxury homebuilder was hit hardest, falling more than 6 percent. Lennar and KB Home were each down more than three percent Thursday.

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