by Ethan Handelman, National Housing Conference
Housing has been far from central to the presidential campaign, despite its critical role in economic recovery and household stability. With nearly one in four working households spending more than half of their income on housing (see Housing Landscape 2012) and the risk or reality of foreclosure dragging on communities nationwide, you’d expect to hear more from the campaigns on their plans for reviving housing markets, creating housing options, and stabilizing neighborhoods. Monday’s editorial from the editors of Bloomberg pushes the candidates to do exactly that, starting with principal reduction for underwater borrowers in a shared appreciation approach that gives both borrower and lender hope for future value while sharing the cost of debt reduction. It’s worth a read, both for the policy recommendations and for its clear summary of the little we’ve seen so far on housing from each candidate.