As a Boston homeowner, are you eager to hear what changes
each of the presidential candidates are planning for the housing industry? Are
you waiting to buy a home or sell a home in the Boston real estate market until
you see what the future holds?
The 2012 presidential election is quickly approaching, with the first debate airing tonight between current president Barack Obama and past Massachusetts governor Mitt Romney, but housing has been a scarce topic from both candidates. Even so, a
poll reported by Realtor Magazine shows that seven out of 10 Americans said
the candidates’ positions on housing are very important to them.
What areas are most important? People reported that the top
housing priorities should be to help homeowners avoid foreclosure, keep
interest rates low, and make more affordable mortgage credit available. Four
out of five Americans said a strong real estate market is key to an economy
recovery for our country.
Recently, the presidential candidates finally completed a
Q&A with Realtor Magazine about plans and opinions on the subject of
housing.
As your Boston real estate agent, I have summed up the
findings here:
Homeowner Incentives:
Romney said that in order to get housing moving in the right direction, the
economy needs to move in the right direction. This means jobs and tax cuts, not
confusing regulations imposed on lenders. Obama said he has a plan to help
responsible borrowers refinance their mortgages, similar to his first-time homebuyer tax credit.
Lending Standards: Obama
said he’s working through the FHA and with Fannie Mae and Freddie Mac to
provide more clarity about lenders’ obligations, in order to reduce uncertainty
in borrowers, and to reduce barriers for refinancing. Romney said the
Dodd-Frank Wall Street Reform Act needs to be repealed and replaced and the
8,000 pages of new rules for community banks thrown out so banks can focus on
giving loans rather than hiring lawyers.
Underwriting
Mandates: Romney said that the government will continue setting basic
minimum lending standards, but that the goal is for private markets to be able to
provide mortgage loans and reasonable interest rates again, with simple and
understandable contracts for homebuyers. Obama said he’s committed to ending an era
of reckless lending by banks and to maintain widespread access to mortgage
credit for responsible families looking to buy.
To view more on these subjects, and other subjects, read the
Realtor Magazine’s article here.
Still have questions? I’m sure more information will pop up
in the coming month and during debates (first debate is tonight!) between the candidates. One thing is
certain. Both candidates agreed that housing is an important part of the
economic recovery, and an important aspect of the American Dream. They just
have very different ways of looking at it.
Right now, home prices and home sales are up from last year
at this time, according to a NAR report, and economists predict that home
prices will continue upward in the next few years.
If you’re ready to buy a home or sell your home in Boston,MA, now is the time for both! Visit my website, browse my listings and contact
me, your Boston real estate agent, when you’re ready to partake in the Bostonreal estate market!
Patti Fine
Phone: 617-642-7585
Email: pf@pattifine.com
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