Although the presidential candidates are adamantly avoiding talking about the real estate market, the housing market is still very much a part of everyday conversation for many throughout the country.
From individuals facing foreclosure to investors purchasing distressed properties for investment purposes and first-time homebuyers taking advantage of low home prices and interest rates, the real estate market is still very much an essential aspect of the upcoming election.
Whether the candidates admit it or not, many voters are going to the poll with the housing market in mind and voting for the candidate they believe will make the strongest impact on real estate market progress and overall economic growth.
Real Estate Market Progress in September
When reports indicated real estate market growth in August, many people were thrilled to hear about real estate market recovery being underway; however, the reports were also met with much scepticism as many people feared the progress would be short-lived.
Now, reports indicate that real estate market recovery is still underway with September’s results showing continued progress toward recovery, despite the decrease in existing home sales and rise in delinquency rates.
In September of 2011, the housing market was 24% back to normal in comparison to September of 2012 in which reports show we are 43% back to normal. Last month we were sitting at 42%. In short, we are still making progress toward recovery, especially when you compare the numbers to those a year ago.
Florida Residents Feel Ignored
Although real estate market recovery is occurring throughout much of the country, there are some states that continue to struggle (primarily those with judicial foreclosure processes). One of these states is Florida.
Florida may not be caught up to other states, but there are still positive signs of real estate market recovery throughout the state. For example, home prices in South Florida climbed 8% over the last year with many analysts suspecting that home prices may continue to rise at a rate that bypasses the national average predicted for 2013.
At the same time, many families throughout the state are still suffering from the effects of foreclosure and have definitely noticed how the presidential candidates have essentially ignored the housing market. On the other hand, Ken Johnson from Florida International University believes that the current administration has helped alleviate some of the burden of the real estate market crash and that progress toward recovery is definitely underway; however, he believes the issues of tight lending standards still needs to be addressed.
At the end of the day, real estate market progress is underway but the future president will be responsible for ensuring that this progress continues and lending standards are loosened (but not to the point that puts us back in the same situation that led to the crash).