Housing is not a debate, short sales on the rise, and Halloween ideas
Wednesday night saw the first of three Presidential debates and housing garnered hardly a mention. Jed Kolko at Trulia says housing is not a winning issue for either candidate:
As the incumbent, Obama needs major housing policy successes to point to; as the challenger, Romney needs compelling fresh new housing ideas to put forward. Unfortunately, neither candidate has what he needs to make housing a winning issue for him.
National Real Estate Investor asked 16 market experts what impact the 2012 Presidential election would have on commercial real estate. Their answers ranged from ‘none immediately’ to extreme: less uncertainty on tax reform or policy changes, finally addressing the fiscal cliff, and a change in business philosophy. As one person said: ‘fasten your seat belts.’
Short sales have been on the rise recently. Statistics show that short sales actually surpassed sales of foreclosed properties last spring. And with a pipeline of over 5 million delinquent mortgages to get through, it seems like they will be a popular vehicle for awhile. However, part of the appeal of short sales is Bush-era tax cuts made the debt forgiveness portion of the sale tax free. And with those tax cuts set to expire at the end of the year, short sales may be on their way out.