The economy may have been the main election issue, but neither candidate delved too deeply into their plans for housing in America. Now that we know our president for the next four years, what can we expect for the housing market?
Forbes published an article recently that sought to answer this question. Among the related topics tackled, the article hit upon these points as they related to Obama and his direction:
Refinancing. In the previous term, Obama and his administration took steps to make it easier to refinance at the current rates. Expect more of the same.
Mortgage Regulations New mortgage standards are expected in January 2013, per the Consumer Financial Protection Bureau. The new standards will impose legal and financial hurdles upon lenders who attempt to issue mortgages judged to be greater than a borrower can repay.
No end to mortgage interest deduction. At least not for middle-income taxpayers. Obama appears okay with cutting it for the wealthy, but has reasons to keep it in place for the average household.
Read the whole article here. How will your housing situation be affected over the next four years?