November will see a new American president take office though the change will have very little impact on the housing market. The damage to the housing market has already been done and no amount of optimism surrounding a new president will be enough to lower foreclosures and raise home prices.
Many experts believe that foreclosures will continue at record numbers well into 2010 though there are those that claim it will end in 2009. A year makes little difference for those families already facing foreclosure or are in fear of it. The presidential candidates have their own plans about how to alleviate housing pains. Both Republican candidate John McCain and Democratic candidate Barack Obama understand how important the housing crisis is to voters and both have developed plans to combat the issue.
While the candidates’ plans differ there are a few points that are very similar. Both men plan believe that the Federal Housing Administration need to provide cheaper mortgages for those home owners unable to meet payments. This will help many home owners who are facing resetting mortgages or need to refinance their current mortgage.
The major difference between the two plans are primarily who will receive assistance. Obama’s plan will include those homeowners with less then perfect credit which is estimated to help at least 400,000 people. As long as these homeowners can prove that they have the ability to make the new payments then they will be able to receive the aide.
McCain, however, supports a plan to help homeowners who had good credit at the time the loan was taken out. His plan will help about 300,000 homeowners.
Both of these plans are seen as temporary measures and not as quick fixes. Home owners can expect the value of their homes to decline as foreclosures rise and families unable to afford their homes anymore walk away.
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