Harry’s Monthly Real Estate Insight

How will the election affect the housing market?

How will the election results effect the housing market? Good question, no solid answers, but here is my best guess. If Obama wins, then very little will change. Interest rates will need to stay low or the government will have to pay a lot more interest on our National Debt, which we can not afford. The programs that the current administration tried to help the housing crisis have not worked. Their purpose was to keep people in their homes, cut the foreclosure numbers and  thereby decrease  the listing inventory. There were no appreciable results from any of their attempts and I would ask, who were they getting advise from? I see very little change if the current administration stays in office.

So what might Romney do if he gets in? He really does not have a lot of good options. We certainly can not increase the debt to bail out the upside down homeowners. He could work with the banks to make the short sale process happen in a timely manner and get answers to owners and buyers by putting time lines on response times. He could force the banks and lending institution, to allow underwater home owners to refinance at a lower rate for their current loan amounts.

To get the housing market back on a level playing field the inventory must be reduced and we have to have a better economy. The housing market is moving in the right direction, but oh so slowly. In my opinion, Congress and the President, who ever it is, must  give the business community some straight answers on where they stand and how health care is going to go or we will simply continue to muddle through in this recovery.

I would love to hear some of your thoughts on this subject. Care to speak up?!!!

Click the link below to see an interesting article from The Washington Post:
http://www.washingtonpost.com/realestate/how-the-presidential-election-affects-the-real-estate-market/2012/08/30/ccefd218-e585-11e1-8741-940e3f6dbf48_story.html

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Specializing in properties in South Hampton Roads, Virginia.