What midterms could mean for Realtors and the housing market

Housing affordability remains a central issue in the lead-up to November’s midterm elections — with congressional and gubernatorial candidates proposing changes to homebuyer assistance, mortgage financing, property taxes, zoning and housing construction. For Realtors and other housing professionals, proposals could influence home sales, available inventory, development costs and financial pressures facing homebuyers and homeowners. Republicans have emphasized homeownership and housing costs. President Donald Trump issued executive orders in March aimed at reducing federal regulatory barriers to construction and easing mortgage lending rules for smaller banks. Democrats and Senate Minority Leader Chuck Schumer outlined proposals earlier this year that included expanding down-payment assistance, lowering mortgage insurance costs, encouraging construction financing and making mortgages more portable or assumable. With control of Congress and several governor’s offices at stake, housing policy is likely to be a meaningful issue in a number of closely contested races. The outcome could help determine which affordability proposals gain traction in Washington and in state capitals — and h...