Both Sen. John McCain and Sen. Barack Obama recoginze the important part the housing market plays in our battle for economic recovery in this country.  Each candidate has agreed that the housing relief legislation signed by President Bush in July authorizing the FHA to refinance the mortgages of struggling homeowners is a step in the right direction.  Both men have expressed the need to crack down on lenders engaging in fraudulent mortgage practices and they are both in favor of lenders renegotiating mortgages of troubled borrowers to prevent foreclosure.

Senator McCain proposes keeping tax rates low and increasing business investment incentives as well as making middle-class tax cuts to first boost the economy and in turn help the housing market.  Senator Obama proposes expanding the mortgage revenue bond program to give state housing agencies new resources to help struggling homeowners.

With the Presidential election will come new leadership.  While both candidates recognize the need to boost the housing market, I believe it will take months for either man to rebuild the confidence of the American home buyer.  Americans need to be assured that buying a home is still a sound investment for the future.  When the Administration is able to restore that confidence the real estate market will see a positive impact.