Mr. President - What About The Housing Market?
Now that the crazy 2012 election season is finally over, it is time to move forward with strong hopes and dreams that our elected leaders can find a way to compromise and move this country forward. A few weeks ago, the Chairman and Co-Founder of RE/MAX, Dave Liniger, wrote an open letter to both President Obama and Mitt Romney asking them to "Let Housing Lead The Recovery" and also expressing his disappointment with the lack of discussion about housing in the 3 presidential debates. Read the letter and see if you agree with Mr. Liniger.
http://www.remax.com/documents/insider/pr/2012/HousingHelptheEconomyOpenLetterOct2012.pdf
While the housing market has continued to show signs of improvement nationally and locally in 2012, there is still a long way to go to get to a place of stability and strength. The content found in the Zillow Home Price Expectation Survey shows that prices may only rise from 2 to 3.5% per year over the next few years and that varies depending on what part of the country your home is located in.
https://www.pulsenomics.com/Sep_2012_HPE_Survey.html
In Plymouth (according to data posted in the MLS Property Information Network), there have been 497 single family homes sold from January 1, 2012 through November 7, 2012 which is up 17.7% over the 422 sold for the same period in 2011 with the median sale price being $282,500 up 2.7% from the 2011 figure of $274,950. These numbers are encouraging, yet a far cry from the 2004-2005 highs.
So, as we approach the end of 2012, we look ahead to 2013 with a cautiously optimistic eye toward even better news for the real estate housing market. I hope the President sees it this way too!
Patrick Ryan
8:08 am on Thursday, November 8, 2012
The number one priority in this country should be getting electricty to new york city so they can pump the water out before it freezes.as well as new jersey.Then feed and shelter the people. the housing market like the rest of the markets. Will fix itself. The banks have the interest rates at 2.5%. What more do you want the government to do, buy, the houses at twice their value and give them away.
Douglas O'Roak
5:02 pm on Thursday, November 8, 2012
I agree. The government trying to help the housing market caused the bubble to burst in the first place. Interest rates are low, and lenders are vetting potential borrowers. The basics of supply and demand should, on their own, be enough to set the course of the housing market. A return to the days of building up your credit and saving up a downpayment is the best way to add stability to the market. Home values should not increase disproportionately to the rate of inflation, or you will continue to see the bubble/burst cycle, which is not healthy.
Leon Lopes
5:33 pm on Thursday, November 8, 2012
The message is not for goverment to do more, it is more a message of don't remove things currently in place such as being able to deduct the interest you pay on your mortgage during the course of the year on your income taxes return. True, the devastation of the hurricane is top priority. And true, building up a down payment and good credit are the best ways to be able to pursue a home purchase.
Douglas O'Roak
9:00 am on Friday, November 9, 2012
Yeah, I agree with keeping the mortgage interest credit in place. My biggest fear was when Romney's plan eliminated that credit. There was no way possible that taking that credit away from my family could be offset by a decrease in income tax. It just didn't add up.