As I was listening to the presidential debates the other night, I was curious to hear what each candidate had to say about what they wanted to do to push the housing recovery ahead. Well, it was not a main point of the debate so I started digging up the details on my own. It turns out that each candidate will mainly continue with what is already in place.
The two candidates apear to have primarily the same opinion, but with a couple deviations. According to dsnews.com:
"When it comes to the continuation of current housing policies, both President Obama and Governor Romney largely agree. For one thing, both candidates support selling off government-owned REOs to investors, a process that has already been tested to some success. Both favor the greater use of foreclosure alternatives, promoting a shift toward short sales and deeds in lieu of foreclosure. And both share at least a small section of common ground with regards to principal reductions."
The opinions that differed were that Obama wants to allow principal reductions on underwater homes with no repayment, while Romney wants principal reductions with the bank receiving a percentage of appreciation after the sale or refinance of the home. The statements that were unique to each candidate were Obama pushing for more homeowners to be allowed to refinance at current interest rates, while Romney wants to loosen the credit guidelines for potential buyers to obtain credit for purchasing.
The limited attention to the housing recovery appears to say that both candidates appear to think that the housing recovery is already in full swing, and that they don't need to step in to help move it along. Does this mean their advisors are confident enough in the housing recovery that they don't need to provide further assistance?
The figures below, taken from the following link, show the current market stats for Hudson with short sales and foreclosures making up only about 20% of the current inventory on the market. Therefore, the amount of distressed properties in our area have dropped off considerably on their own. Maybe there is a reason they are leaving housing alone at this time?$269,480 Median Listing Price 89 Median Days on Market 253 Active Listings
19.4% Distressed Listings
Brian Webb is a proud Homes for Heroes affiliate for St. Croix Valley. He represents clients in Hudson, River Falls, Stillwater, Woodbury, Oakdale, Cottage Grove, and surrounding Twin Cities Areas! He assists with buying, selling, investing, and property management of your home! He offers free advice and consulting services, contact him at HudsonRiverFallsHomes.com