NAR Responds to State of Union Address
Utah Home Market Could be Impacted by President’s Plan
by Joel Carson
In his Jan. 24 State of the Union Address, President Barrack Obama highlighted the housing and construction industries with words of encouragement and promises of better days to come. If executed, the President’s plans could have a significant impact on the Utah home industry.
National Association of Realtors® President Moe Veissi issued a statement the same day saying he is encouraged by the President’s ideas, but believes there’s far more to be done to help the ailing “home” front.
If you’re shopping for a Utah home, your greatest opportunity could be at hand.
In an official statement issued by NAR on Jan. 24, Veissi commended the President for his remarks, “ . . . As leading advocates for homeownership, Realtors® know that restoring the health of the housing market is the only way to achieve a broader economic recovery.”
Veissi’s reaction to the address as it relates to the housing industry is cautiously optimistic. He called for the President to focus on affordable financing is lacking; and, that hinders the housing market recovery in addition to Obama’s other plans laid out before the nation.
The NAR president also called for less cumbersome short-sale processes and expanded financing opportunities to reduce excess inventories of distressed properties.
Veissi said, “While we are beginning to see early signs of stabilization in the housing market, NAR calls on Congress and the Obama administration to come together and make housing a priority issue. In this vein, we urge the White House to host a national housing summit to encourage a broad discussion among stakeholders to help formulate and advance policies that move the country toward a real housing and economic recovery.”
Many key issues are plaguing the housing market. Although the market is showing signs of recovery, Obama is attempting to build some steam behind the recovery effort – an arduous process that will take longer than even the Feds originally anticipated.
Here are a few main points pointed at those in the housing, construction, and related industries:
1. No more red tape for the construction industry (more nation-building right here at home):
“In the next few weeks, I will sign an Executive Order clearing away the red tape that slows down too many construction projects. But you need to fund these projects. Take the money we’re no longer spending at war, use half of it to pay down our debt, and use the rest to do some nation-building right here at home.” ~ President Barrack Obama
2. Keep interest rates low:
“ . . . responsible homeowners shouldn’t have to sit and wait for the housing market to hit bottom to get some relief . . . That’s why I’m sending this Congress a plan that gives every responsible homeowner the chance to save about $3,000 a year on their mortgage, by refinancing at historically low interest rates. No more red tape. No more runaround from the banks. A small fee on the largest financial institutions will ensure that it won’t add to the deficit, and will give banks that were rescued by taxpayers a chance to repay a deficit of trust.” ~ President Barrack Obama
3. Responsibility from the top down:
“We’ve all paid the price for lenders who sold mortgages to people who couldn’t afford them, and buyers who knew they couldn’t afford them. That’s why we need smart regulations to prevent irresponsible behavior. Rules to prevent financial fraud, or toxic dumping, or faulty medical devices, don’t destroy the free market. They make the free market work better.” ~ President Barrack Obama
If you’re serious about wanting to own a Utah home, now is the time to start shopping. Browse our extensive listings online today. Contact us immediately if you have any questions or want to find out how you can take advantage of current market conditions to buy a Utah home.
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