What a difference four years makes. After the last presidential election in 2008, foreclosure filings had increased 81 percent over the previous year and home sales were down nearly 42 percent from record highs in 2005.
Today, foreclosures are decreasing and home sales are trending up, but obstacles remain. The Mortgage Debt Cancellation Relief Act is currently set to expire on December 31, 2012; secondary mortgage market reform must still be addressed; and some of the tax benefits that encourage homeownership, including the mortgage interest deduction, may come under scrutiny.
- Homeownership close to home
Talk to homeowners in your community about why they own their home. Ask first-time buyers about why they want to become homeowners. Ask Realtors® about issues they see on the horizon that might affect their clients’ abilities to buy or own a home in the future.