La Jolla Real Estate, Del Mar real estate, Rancho Santa Fe Homes, Carmel Valley Real Estate, University City and
Downtown San Diego real estate, homes and condos for sale in California - Ruth Mills & the Mills Team, REALTOR.






Search the San Diego MLS
(includes all areas in San Diego County)



 September 25, 2007

Housing Issues Should Play a Big Role in Presidential Race
The upcoming presidential election in November of 2008 could very well put a new spin on the housing slump. This in light of Federal Reserve Board chairman, Ben Bernanke's recent comments stating that thing will more than likely get worse before they improve.
It is predicted that nearly 2 million ARMs will jump from the initial teaser rates to much higher rates this year and the next. This situation could leave home owners unable to sell or refinance their homes. This could bloom into a major issue which could have a significant impact on the presidential race.

For the time being, President Bush is keeping the housing situation at the top of his talking points; stating that he looks forward to working together with Congress to modernize FHA loan offerings to enable people to refinance their homes.

Bush states that he believes that the country will weather the current financial storm, and remains optimistic about the economy. This opinion remains steadfast in spite of negative predictions by economist of a possible recession as the result of a continuing housing slump.

One organization refers to the current housing situation as "Economic Terrorism." Bruce Marks, head of the Neighborhood Assistance Corporation of America, a not-for-profit group that promotes affordable home ownership states that hard working people are not losing their jobs, but they are losing their homes.

Back to Real Estate News

Search San Diego Real Estate