Housing Must Remain Nation's Top Priority
Everyone needs to keep housing nation’s top priority as we all get effected by these issues, this also is important for nation’s economic development.
There has not been much of improvements in housing sector. The growth rate is not increasing much. So basically there should be changes in the regulations as well as in the legislation when it comes to housing. Home ownership inevitably comes with taxation issues, so there should be some benefits offered to home owners. This must be done as there are people who are not in the position to pay huge taxes.
Nation needs strong public policies that promote responsible, sustainable home ownership and that will help stabilize the nation’s housing market to support an economic recovery.
Overly strict standards and less scope of mortgage loan is turning away borrowers who are eligible to apply for such loans. The policies must be formulated in a way so that these borrowers could go for proper mortgage facilities in the market and get the amount they need but the down payment should not be too high.
Too strict standards are making it difficult for potential consumers to go for a mortgage plan while buying a home. There should be some modifications regarding mortgage rules so that those who are eligible to get mortgage could get that easily. Getting loans should be an easy process and short sales process too needs to be modified so that some stability could be achieved while limiting the growth of foreclosed homes.
The mortgage interest deduction is vital so that the housing industry could reach a stable stage,this is vital for maintaining economic stability also. But there must not be any kind of change in the MID as this could be detrimental for job creation as we are all aware of the fact that there sometimes is a relation between housing sector and business ventures that generate jobs regarding funds.
The improvement of housing sector is the responsibility of the government as well as the industry. The real estate sector needs to go through a make over. We are all waiting for a future where a citizen could have his home without any problem.