Last night, the Republican Party nominees had a debate in Florida, and one of the hot topics for the evening was the housing market. For those of you unfamiliar with the housing market on a national level, the Floridian housing market has been one of the hardest hit markets in the country.
On a national level, 28% of homeowners are underwater. In Florida, that level is far beyond 28%. In fact it is hovering above 40% moment. In house prices are severely off those record highs that we saw a handful of years ago.
I bring this up not talk party politics as much as I would like to touch a little on the importance of the overall housing market and national economy. Somewhere along the way, the leaders in both parties decided that a relaxed approach to regulation would allow for individuals with all different income basis to enter the housing market. This was attractive to the overall marketplace because inevitably demand spiked because more buyers would potentially be able to enter the marketplace.
The goal of our leaders and government must tolerate relaxed lending. We hear now that this approach was atrocious, and that those running for office and those in office all were able to see the writing on the wall. One very simple question that I have for all of these individuals on both sides of the fence is why did it take so long to correct problem? And why are we still mired in a foreclosure process that continues to slow the lifeblood of the marketplace?
Both parties need to get on board and address the issues at hand rather than pointing fingers at some of the historical measures that individuals chose to embrace 10 or 15 years ago. Unfortunately, in last night’s debate, solutions to problems that we have right now were not addressed. Leaders from both parties continue to look at the problems we have microscopically rather than microscopically.
The fact is this market continues to request assistance in order to ease the process of purchasing a home. Individuals from all sides of the economy are still unclear as to what it takes to get into a home. The people of Florida deserve, as do the people of the entire nation, a systematic approach to clearing some of the debris that resulted from me real estate fallout over last five or so years.
I wish that the conversation regarding mass market in Florida had gone on a little longer in last night’s debate, and I too hope that the presidential debates deeply consider the topic at hand so that the great American asset — the house — can quickly return to its point of prominence in our globally leading economy.