Presidential Hopeful Dismisses “Politics” in Housing Crisis
With election fever hitting the country, many citizens are wondering how these Presidential candidates will address the crisis in the real estate market. Republican nominee John McCain stated Tuesday that the national government should not focus on rewarding or saving borrowers and lenders caught in this fiasco. Instead, he would like to consider proposals based on benefits and costs.
Democrats are reacting to his statements saying that the Republican bet do not possess the sufficient economic knowledge and skills to get the country out of an impending recession. They also believe that John McCain is taking a hands-off approach, just like President George Bush. John McCain himself has acknowledged that economy is really not his forte.
The current housing crisis has already resulted to millions of homes in some stage of foreclosure. Home prices have also declined dramatically in the last years and sales have remained sluggish. The federal government has also bailed out numerous investment companies that have lost millions of dollars when the subprime mortgage industry crashed. In fact, just a couple of days ago, the Fed auctioned short-term loans amounting to $50 billion to banks in order to help them with their credit troubles. As of December, about $260B worth of short-term loans has been provided by the federal government.
It is very important for the citizens of this country to be smart come election time. The next government will play an instrumental part in the nation’s recovery and the next president should have concrete plans and solutions that will address the housing crisis. If not, the nation might eventually fall into a recession, resulting to millions of homes in foreclosure. To date, home prices have reached a record low and 6 out of 10 mortgage applications are for refinancing. These are just some of the important signs that the government should take seriously.
More information on the housing market crisis is available at Foreclosed Properties Data.
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