Obama or McCain - who’s better for Phoenix Housing Market
June 10, 2008
Now that Hilary Clinton suspends campaign, endorses Obama,
we finally know who will be campaigning to be the next President of the United States.
One of the key issues and question on many people’s mind is what will either candidate do, if elected, to stimulate an ailing real estate market, especially here in Arizona.
Each candidate has expressed strong views on the housing market, sub-prime debacle, and the economy overall as high energy and food prices are cutting into many peoples ability to pay their mortgage.
Senator McCain was originally against strong Federal legislation in a sense bailing out home owners, investors and banks who lent risky loans. However, recently, he has “joined Senator Obama in supporting the idea of the Federal Housing Administration (FHA) backing loans that lenders have written down to affordable levels for borrowers”.
As Jeanne Sahadi, CNNMoney.com senior writer pointed out, the candidates plans differ in how to execute such a strategy.
Sen. Obama has suggested $10billion in government funding to help homeowners sell their homes of modify their loans to avoid bankruptcy or Foreclosure.
Sen. McCain feels like this is a bailout. He feels struggling homeowner and borrowers should share the responsibility and if helped should share equity (if there is a gain) with the lender and Federal Government.
Obama wants the government to lend money to struggling home owners. Money which usually comes in the form of higher taxes
McCain has pledged to eliminate (AMT ) taxes. A break that many Americans want (and need). However AMT tax cut with other extended tax cuts leaves less money for such help to home owners. Unless, other government programs are sacrificed. A move, most do not want.
The November election and January inauguration is some time a way. We have to see how the next 6 months shake out for the housing and mortgage market and what role and legislation Congress takes prior before we can truly know what plan will work for our 44th President.
I encourage all of my readers to chime in and contribute to a simmering and what is sure to become a boiling discussion and debate (argument ?) in the coming months.
These real estate market experts can offer helpful insight not only about real estate, short sales and foreclosures in Phoenix and in their respective parts of the country:
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Copyright © 2008 By James Wexler, All Rights Reserved. *Obama or McCain - who’s better for Phoenix Housing Market*
Contact James Wexler (480) 221-8080 for all your Phoenix Scottsdale area Real Estate needs
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