US real estate industry welcomes Obama

US Capitol
Creative Commons License photo credit: pmorgan67

American real estate companies have welcomed new president Barack Obama, but underlined the problems faced by the housing market.

As the democrat was finally inaugurated as the leader of the US, the National Association of Realtors (NAR) pledged to work with his administration and reminded him of his promises.

One of his pledges was to work with Congress to quickly bring in changes designed to decrease foreclosures and aid the housing market, said NAR.

A new Democrat-devised stimulus package has been drawn up, but real estate measures have so far focused mainly on aid for infrastructure projects.

NAR president Charles McMillan said:

“We welcome President Obama’s efforts on foreclosure prevention and agree that addressing rising foreclosures and strengthening existing home sales and housing initiatives are critical components to a housing and economic recovery.”

Real estate developers will also have an eye on Obama’s approach to housing.

Earlier this month the National Association of Home Builders (NAHB) pushed for housing to benefit from any stimulus package, saying restoring demand for real estate would be key to recovery.

NAHB Chairman Sandy Dunn said: “Congress must understand that housing is central to the economic crisis, that housing has led our nation out of past recessions and that it can do so again.”

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One Response to “US real estate industry welcomes Obama”

  1. Gail Devine says:

    With housing representing one fifth the GDP, I would pray President Obama walks the talk for a change. It is known he wrote a letter to Fannie & Freddie advocating the ease of getting poor people into homes, which “helped” lead this country into the disaster we are in today. I agree everyone makes bad choices, and after reading this interview it appears most politicians made bad choices as well. It’s time our country represents the people and not their own agendas.


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