Nov 28 2007 1:43PM | Permalink | Email this | Comments (0) |
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I have been watching the presidential candidates closely the last few weeks. I have also been reading the newspapers and business magazines. There seems to be a big disconnect between the platitudes spouted by the politicians and the reality reported in the media. The reality is the housing market is a huge concern to voters and is having a significant impact on the economy. 

The candidates, though, have ignored almost completely the issues surrounding the housing downturn. Dig through their websites. Look at issues statements. Read their blogs. Browse their press releases. Search their speeches. Housing gets little mention. 

Considering that many economists are worried that the slowdown in the housing market is bringing down the whole economy, you would think the pretenders to the throne would be all over this issue. Also, considering that the housing slowdown, which includes decreasing home values, is top of mind for many voters, you would think the pretenders would have some position papers, or even a couple of thoughts.

The closest they come are in pet issues such as Obama’s movement to get housing for veterans. That’s a worthy cause, but a far reach from the realities of the marketplace. 

There is the cynical side of me that isn’t surprised by this. All the candidates have done their voter and market research. Iowa, New Hampshire, and South Carolina – where the first votes occur – are a long way from the killing grounds in Florida and Southern California. So the pretenders may not be interested in speaking to an issue today that isn’t top of mind for those particular voters. (There’s a whole book within that idea about what is wrong with how we pick our presidential candidates.) 

There is another, even more cynical, side that says the housing industry doesn’t get the respect it deserves. Housing represents about 15% of the GDP, and a third of the essentials of life along with food and clothing. It is also a staple of American culture, with the idea of homeownership so strong that our tax codes are built around it. Still, with the biggest business story of the year centering on housing, the candidates have somehow managed to miss it. It’s time for them to step up to the microphone and offer a vision of the role housing plays in America – and not just a vision of affordability, veterans, and other disadvantaged people – for all Americans who live in houses, build houses, sell houses, remodel houses, build products for houses, ship products to houses. For all Americans.