Everyone has a different opinion on the new president elect Obama. I'm not one to get into politics and debates concerning the subject of who is the better choice. Personally I'm just happy that the election is over and we can start focusing and working on what really matters. Everyone watches the news, reads the newspaper or hears about it from a friend or family member how bad the economy is. We all know it is not the best and there is a lot of work to be done.
I am a newer agent and everyone is always telling me how I got into the business at the wrong time and ect. Honestly they are right, I did. It is a hard market and things are slower especially for some one new to the business, like myself. I know that the market is not at its best but I find this a great opportunity to learn how to work hard in this career. I know that if I can survive through the downfalls of the economy and the hard work to getting it better I will come out having learned a lot more and have the confidence that I will be able to make it through any market.
Once Obama won I wanted to find out more information on what his plans are for the housing market. Below is a few things that I found interesting and informative. Hopefully you will too. :)
On the campaign trail, Obama proposed a three-month moratorium on foreclosures for banks or lenders getting money from the $700 billion federal rescue plan - if the customer is making a good-faith effort to make payments and renegotiate the mortgage.
During his campaign, Obama highlighted other housing-related proposals as well, including:
Crackdown on mortgage fraud. The next president wants to increase funding for federal and state law enforcement programs to crack down on mortgage fraud, create new criminal penalties for mortgage professionals guilty of fraud and require "industry insiders" to report suspicious activity, according to his campaign Web site. Obama claims his Stop Fraud Act will provide the first federal definition of mortgage fraud.
Better loan disclosure. Obama wants to provide potential borrowers with a "Homeowner Obligation Made Explicit," or HOME, score which would give them an easier, standardized way to compare mortgage products and compare the full costs of the loans.
Universal mortgage credit. His proposed 10% universal mortgage credit for homeowners who don't itemize their taxes could provide an average of $500 to 10 million homeowners, most of whom earn less than $50,000 per year, Obama's campaign said. But Gerald T. Prante, of the Tax Foundation, argues that a better reform would "eliminate the current mortgage interest deduction and replace that with a universal mortgage credit for everyone." He added that the solution to a more equitable tax policy for housing "is not more housing subsidies, it's less."
Improve housing affordability. Obama has proposed creating an Affordable Housing Trust Fund to create "thousands" of new affordable housing units annually, according to his Web site. He also wants to restore cuts to public-housing operating subsidies and make sure Department of Housing and Urban Development programs are restored to their "original purpose."
Build sustainable communities. The president-elect has vowed to re-evaluate the transportation funding process to make sure that smart-growth considerations are taken into account. Communities better serve residents when people are able to leave their cars and walk, bike or take alternative transportation, the campaign stated on its Web site.
I am confident things will get better. They always do. I don't know when but they will! :)
Toni Dorigatti
435-881-3587
Great post Toni. Thanks for the information.
I think we will all have to wait to see all the " change " our new president has promised. As history goes the Dems have never been a friend to the NAR or Realtors. Good information Toni, I think we all need to keep on our toes to make it thru these tough times ahead. The old saying is true today as it ever was. " When the going get tough, the tough get going." You are one that will be in this for the long run !
Thats great information Toni. The question still is, since it is a large part government that got the housing market in this mess, should government get us out, or will that just postpone the problem for the future?
Great article Toni. Hopefully for all of us the new President will help us out of this mess. One thing is for sure when the market turns it will turn for the good.