Watchhttp://www.sacbee.com/2012/11/07/4968211/what-does-obamas-reelection-mean.html
The nation's unemployment rate is still hovering around 8%, and we've seen that the housing market is directly tied to the jobs market. - The U.S.. dollar grew weaker on Tuesday night, as word of Obama's reelection spread. Right now, economic experts say that's a sign that the uncertainty has been lifted, and world markets are selling more of their stocks. In the long run, though, no one knows for sure how a weak U.S.. dollar is going to affect the world markets -- and, in turn, how the world markets are going to affect our economy here at home....
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Los Angeles, CA
This is going to greatly increase housing inventory.
It totally stands to reason. Just think of all the Republicans you've heard swear that they were moving out of America if Obama was reelected?
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what was true in 2009 is still true today.. govt intervention in the housing market.
with no end in sight... govt sponsored hype and policies to inflate home prices.
Frankly, only two people publicly stated that home prices needed to find their
natural market bottom unimpeded by govt. That was Hank Paulson and
later Mitt Romney.
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thomaswong.1986 says
So did Ron Paul
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Meccos says
+1 makes 3... thanks
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http://brucekrasting.com/odds-go-up-for-mortgage-mods-post-election/
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Mountain View, CA
bmwman91's website
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Just out of curiosity, if there were to be widespread debt-forgiveness measures, could they lead to higher inventories? If people were above water, they could sell, and I have to imagine that there are a lot of people that might want to do just that if they could afford it. Wishful thinking, I know, but how about it?
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thomaswong.1986 says
Unfortunately, Republicans failed to nominate Ron Paul, and there was no correlation between what multiple-choice Romnesia said and did. So, at least six more years of Fed ZIRP and QE∞. Probable result: house prices remain propped up relative to consumer prices, until stagflation causes consumer prices to increase and normalize the ratio. Alas wages might not keep pace, so living standards may decline. But hey, you'll have mandatory medical insurance! Unfortunately, the mandatory diversion of resources into medical will come at the expense of all other sectors, prolonging the need to prop up house prices. Look on the bright side: at least the hospital administrator who overcharges you will be able to afford a house, and so will the insurance executive who denies your claim! Pity that you might not be able to afford a house after all that, but hey, you have insurance!
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curious2 says
I already have a house..nice one! but your argument goes nowhere.. Its another attempt to ignore any idea of a housing bubble or that prices had a historical pattern.
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thomaswong.1986 says
What?!? Your comment is truly bizarre. When have I ever denied that there was a housing bubble? I've pointed to Case Shiller data many times. Even in my post above, I said prices are still propped up now. You seem to be boxing with shadows and straw men rather than reading what people have actually written.
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Los Angeles, CA
Obama makes house prices rise. Even more loan mods and principal reductions will keep inventory off the mls permanently. Underwater squatting for four more years everywhere!
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Obama is not hard to figure out. Three things are predictable:
Housing Policy: He will continue the same kind of policy to support housing, like HAMP and Fannie/Freddie
Mortgage interest rates: He and Bernanke will continue easy money policies. sign of econonomic weakness and we will see QE4.
Mortgage interest deductions: Romney wanted to limit the deductions but Obama has no such plans. Obama made it clear he wants to tax those earning more than 250K a year, but those below are safe.
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South Pasadena, CA
SFace says
Yes and No.
You are generally right, they will try to reinflate. However, I believe that recent attempt of pooring money into the economy were not 100% genuine. They where at least partially driven by the reelection concerns. This part is gone now. Thanks God, Romney disaster has been successfully averted.
For the last four years Obama had to be concerned about his reelection, which made him more populist than he would be. That's the problem with any first term President.
All this means is that the monetary inflation should slow down in the next couple of years, which means cheaper stocks etc.
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Obama tried every means to keep the housing price in float by destroying the true housing market.
He's now re-elected. Anyone thinks he will keep doing that?
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Baltimore, MD
SFace says
Did he even say that once during his re-election campaign????
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South Pasadena, CA
BobMSN says
Yes, but much less agressively, since it was partially done for the populist reasons, which are gone now.
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South Pasadena, CA
LiarWatch says
Which is very good.
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Laguna Beach, CA
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Both candidates avoided much talk about the housing market (arguably one of the biggest drags on the economy currently). Very peculiar.
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Housing is only 2% of the economy. Whatever happens its effect is minimal. Especially as any rise will simply mean buyers are still underwater
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South Pasadena, CA
zzyzzx says
Do not fool yourselves. Taxes must rise. For everyone. There is simply no way out of our current deficits w/o raisng taxes. The only way to delay it is a huge monetory inflation followed by the price and income inflation.
If we go that way we'll simply fall into the >$250K income without getting real income increase and we'll pay high taxes. Look at the AMT, for a good example of how such things work.
BTW, only a fool would think it would be anyhow better with Romney. In the past there could be some differences between Reps and Dems. Dems wanted to tax and spend, Reps wanted to cut. The only diffrence today is: Dems print and spend, Reps spend and print. They also spend slightly differently: Reps spend on wars and print, Dems print promising to spend on climate change.