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Daily Real Estate News | July 7, 2008 |
Obama, McCain Seek to Fix Housing Problems
Which candidate would do a better job of handling housing prices?
According to a recent AP-Yahoo News poll, 25 percent of those surveyed said Barack Obama and 17 percent thought John McCain. But nearly 30 percent said neither.
Both Obama and McCain envision the Federal Housing Administration providing new, cheaper mortgages to distressed home owners.
Obama wants to create a $10 billion fund to counsel distressed home owners before they slide into foreclosure; help people sell homes they bought but could not afford; and team with state governments, community groups, and lenders to ensure loans can be modified in a timely manner to avoid foreclosure or bankruptcy.
McCain sees a more limited government role. "In some cases, lenders and borrowers alike were caught up in the speculative frenzy that has harmed the housing market," the Arizona senator said. "It is not the responsibility of the American public to spare them from the consequences of their own bad judgment."
Although most voters think the next president will have a "great deal" or "some" influence over housing prices, there is unlikely to be a quick fix.
"The odds of that are slim to none," says Cal Jillson, political science professor at Southern Methodist University. If the next president can make people more optimistic about the future, "the slow rebuilding of confidence will help to increase home values," he contends.
Source: The Associated Press, Jeannine Aversa (07/06/08)
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