Presidential Primary Season is Now in Swing - How Will it Affect the Real Estate Market?
3rd January 2008
Tonight is the night of the Iowa caucuses, the f
irst event of this Presidential election year. It Looks like Obama is the winner on the Democratic side, and Huckabee for the Republicans. Up until now the primary election has been in the background, white noise for all but the true political junkies. That changes tonight. Starting tomorrow, the news will be filled with results and conjecture, pundits telling us what has happened, why it happened and how this will all play out over the next eleven months. As time goes on more people will start paying attention, and within the next month or so we will know who the nominees are from both parties.
Right now all the candidates are talking about health care, immigration, the war in Iraq and other issues. Little is being said about the state of the economy, and the housing slump. But one of the oldest truisms in politics is that people vote by their wallets. If the economy is slowing and homeowners are feeling squeezed, you can bet that this won’t be good news for the party in power.
As the year goes on I expect that the problems in the housing and mortgage markets will become a big issue on the campaign trail. Maybe the dominant issue. My question is, how will this play out and what will the proposed solutions be? Campaigns are always good with promises, real solutions are harder to come by. The popular remedies aren’t always the best. I hope the campaigns work toward realistic programs that take account of how complex the market is and don’t just rely on easy answers that help some people in the short run but make the problem worse.
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Peter Thompson is illinois Mortgage Broker
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Tags: housing policy, Huckabee, Illinois mortgage rates, Iowa caucus, Obama
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