The Housing Market: Romney vs. Obama

by on General

Elections 2012

With Election Day just around the corner, many people have been looking to the leading presidential candidates in an effort to determine where they stand on key issues. From the American economy and the unemployment rate to healthcare, the presidential candidates are taking their stances and will soon be debating them frequently.

However, one thing that everyone continues wonder is where each of these candidates stands when it comes to the housing market. Without effective leadership and representation in the White House, many people fear that the housing market will either crash again or be on an incredibly slow road toward recovery.

Where each candidate stands depends upon who you ask. For example, if you ask someone from FoxNews, of course they are going to say that Romney has a better plan to help improve the housing market than Obama. On the other hand, other media outlets are likely to give a slightly more moderate to liberal perspective on the debates and political happenings, depending on who you watch.

In the end, like everything else, it is basically one political party against the other and very little working together to create real, substantial change.

Let's take a look at what everyone is saying about these candidates and their take on the real estate market in an effort to help us determine who – if anyone – would be the best leader to move the real estate market (or continue moving the real estate market) toward recovery.

Obama and the Housing Market

Although conservatives are likely to blame Obama for the housing market crash, many believe that the crash was inevitable. According to a writer from the Washington Post, Obama has stopped the housing market from falling further and has put it on the path toward real estate market recovery.

Furthermore, the writer argues that Obama has encouraged the Federal Housing Administration to assist homeowners with everything from keeping low interest rates to refinancing.

However, the writer also points out that an initiate supported by Obama, the Home Affordable Modification Program (HARP) failed to help alleviate the burden of foreclosure for many homeowners.

Despite the failures of HARP, home prices are up, interest rates remain low, new home construction is rising, and the overall housing market is improving under Obama's leadership.

With Nevada being a swing state, Obama has started talking about the housing market more – which everyone has been eagerly waiting to see. In his talks, Obama admits housing market recovery will be a long process, but draws attention to Congress, stating that in order for recovery to occur as quickly as possible then Congress must get out of the way.

Romney and the Housing Market

In comparison, a quick look at the Romney website outlines his plans to help improve the housing market by first pointing out Obama's failures. According to The Street, Romney's plan is very vague and is actually relatively similar to Obama's plans for advancing the housing market, while also including a plug to appeal to Wall Street investors.

Romney's plan includes selling approximately 200,000 vacant foreclosure properties, which although is not a new idea is definitely perking up investors. However, the source points out that even this plan may help investors, but not homeowners – which may be a sticking point for the American voters who have been battling foreclosure.

In the end, most people believe that the housing market crisis is not Obama's fault with the blame essentially resting on banks and lenders. However, most also agree that Obama has not done enough to improve the housing market and that Romney will either make the housing market better or worse. The uncertainty has left many voters still undecided when it comes to casting their vote on Election Day.

Hopefully both candidates will spend more time outlining their plans for job creation and the housing market in the upcoming debate, making it easier for the American voter to choose the president with the best plan to improve these key aspects of the still-recovering American economy.