October 12, 2012
FROM INMAN NEWS:
A Pulsenomics survey of over 100 economists, real estate experts and investment strategists for Zillow gave the following results:
- Home prices are expected to rise 2.3% in 2012 from the fourth quarter of 2011. They expect an average annual growth rate of 2.9% from 2012-2016. The growth rate in the pre-bubble years 1987-1999 was 3.6%
- 60% favored getting rid of the mortgage interest deduction of which 10% wanted immediate elimination and 50% wanted gradual elimination. 30% felt the deduction should remain with increased eligibility requirements. 11% felt the deduction should remain as is.
- 52% were voting for or favoring Romney; 47% were voting for or favoring Obama.
- 91% opposed the idea that local government using eminent domain could seize current underwater mortgages and use principal reduction to eliminate the negative equity while promising mortgage investors “fair value” compensation for the loans.