If Mitt Romney wins the President Election in November, many will wonder what steps he will take to save the housing market. President Obama has had little success with recovering the housing market, so it is an issue that Romney has to address and face if he wins. Currently markets, including Birmingham real estate, are showing signs of improvement, but the next four years will be critical in stabilizing the housing market.
While Romney has said very little about his housing market recovery plan during his campaign, he does have a page on his official campaign website addressing the housing issue. Both candidates have stated that in order to have a healthy housing market we must have a healthy economy, but Romney acknowledges that a housing recovery is central to a healthy economy.
On his site, Romney outlines his economic plan designed to create more jobs and more take home pay. If the plan were to be adopted, independent economists have estimated that the plan will create 12 million jobs by the end of Romney’s first term.
Highlights of his economic plan include:
- Responsibly sell the 200,000 vacant foreclosed homes owned by the government
- Facilitate foreclosure alternatives for those who cannot afford to pay their mortgage
- Replace complex rules with smart regulation to hold banks accountable, restore a functioning marketplace and restart lending to creditworthy borrowers
- Protect taxpayers from additional risk in the future by reforming Fannie Mae and Freddie Mac
Romney’s biggest goal is to get the government out of the homeownership business and to revise the rules and regulations put in place by Obama’s administration. There is no way of knowing if Romney’s plan will work, but on Tuesday, November 6th we will find out if he gets to put his plan into action.
We will have to wait to see what the government will do for the housing market over the next four years, but the good news is that with the housing market improving, now is a great time to purchase a new home. At Harris Doyle Homes we build Birmingham new homes throughout the metro area at six fabulous communities including Wisteria, The Preserve, The Costwolds, Alden Glen, Trussville Springs and Longmeadow. For more information on these fabulous homes, visit the Harris Doyle website today!