HUD Secretary Shares Perspective on State of the Union

President Obama gave the State of the Union Address last Tuesday.  You either loved it or hated it. </p

Supporters say he inspired a feeling of national pride and restored some level confidence in the American way. Critics called attention to a lack of forward looking details and wondered how he intended to accomplish the ambitious goal of redefining the country.</p

To quote President Obama, “And now it’s our turn.  We know what it takes to compete for the jobs and industries of our time.  We need to out-innovate, out-educate, and out-build the rest of the world.   We have to make America the best place on Earth to do business.  We need to take responsibility for our deficit and reform our government.  That’s how our people will prosper.  That’s how we’ll win the future.”</p

From a housing professional’s perspective there were reasons to be excited and reasons to be frustrated. The Administration’s focus on job creation is the most important factor in repairing consumer credit profiles and restoring equilibrium to the housing market. But there was a noticeable absence of housing specific rhetoric in his message. This only adds uncertainty to an already clouded marketplace which unfortunately increases hesitancy among potential home buyers and leaves the industry wondering if its being left behind all together. This serves as a reminder that the road to recovery will be long and paved with uncertainty.</p

The State of the Union Address is however not the appropriate setting to share the nitty gritty details of a national transformation plan. President Obama left that up to his Cabinet members. HUD Secretary Shaun Donovan was in Baltimore on Friday discussing how the Administration is putting its money where its mouth is….</p<prn</p

WANNA KNOW WHERE THE MONEY IS GOING?</p

Check out Recovery.gov  to see how the American Recovery and Reinvestmet Act is impacting your neighborhood. This is what you’re looking for….</p

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“We need to out-innovate, out-educate, and out-build the rest of the world.”</p

ps…did anyone else catch a potential hint on housing from President Obama?</p

“We should have no illusions about the work ahead of us. Reforming our schools, changing the way we use energy, reducing our deficit –- none of this will be easy.  All of it will take time.  And it will be harder because we will argue about everything.  The costs.  The details.  The letter of every law. Of course, some countries don’t have this problem.  If the central government wants a railroad, they build a railroad, no matter how many homes get bulldozed.  If they don’t want a bad story in the newspaper, it doesn’t get written.”</p

I’m just saying…there might be a faster way to restore equilibrium in the hardest hit housing markets.  </p

READ MORE: Land-Backed Securities: Time to Bulldoze Excess Housing Inventory?

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