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· Falling property prices and the rising number of foreclosures are key concerns in real estate. Mortgage –holders and builders are likely to be the focus of a wide range of initiatives. In this direction, Mr. Obama has already proposed a mortgage tax credit for home buyers who don’t itemize deductions. We still imagine more aggressive relief is likely to be sought.
· In an interview during his eventful presidential campaign, Mr. Obama had mentioned measures to ease mortgage crisis. He has called for the creation of a $10 billion foreclosure prevention fund that will work in tandem with state, local and community. This is to help households facing foreclosure to renegotiate with lenders or put their house on the market. In the long term, the Stop Fraud Act would create criminal penalties for mortgage professionals found guilty of fraud. This would increase funding for federal and state enforcement of antifraud programs.
· Mr. Obama also wishes to create a simplified, standardized metric for calculating the costs of a home mortgage that would be similar to the annual percentage rate used by the banks to identify effective interest rate that a borrower pays for a loan.
· He also proposes changes in the transport facility to needy neighborhoods. In this regard, federal Jobs Access and Reverse Commute program are to be doubled so as to ensure that additional federal public transportation dollars flow to the highest-need communities.
· Mr. Obama has also expressed a goal of making all new buildings carbon-free by 2030. This law has already made its first move by allowing a high tax credit for users of “energy-efficient” sources of energy like solar or wind energy. In future, Obama has proposed introduction of competitive grant program to recognize states and localities that take steps to implement new building codes that prioritize energy efficiency.
· He has also proposed certain tax reforms such as simplifying tax codes that would help general public.
With the implementation of these measures, our anxiety brewed from today’s real estate market is sure to see some signs of ease in the near future.
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