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REALTOR®: Survey shows jobs and housing will be most important issues in 2012 election

Wednesday, December 21, 2011

Jobs and the housing market will be two of the most important issues for voters in the 2012 election, according to findings of a recent survey conducted by HouseLogic.com, the consumer website from the National Association of REALTORS®. Nearly one-third of respondents said housing will be the top issue on their minds when they head to the polls next November. The HouseLogic survey shows Americans understand that a housing recovery is essential to the nation's economic recovery, and many of those housing-related issues will be on the minds of voters in 2012, according to REALTOR® officials.

Respondents were asked: "What issue area will have the greatest impact on your vote in 2012?" National security, health care, and energy/environment trailed housing and unemployment by wide margins:

• Jobs/unemployment – 54 percent
• Housing – 27 percent
• National security – 8 percent
• Health care – 4 percent
• Energy/Environment – 2 percent
• Other – 4 percent

With unemployment still high, it is easy to see why so many Americans are concerned about the job market. However, employment and the housing market are inextricably linked because economic growth and job creation cannot occur without a housing recovery.

"It's not surprising that many Americans are concerned about the job market. The unemployment rate has improved, but it is still not where it should be. Those who have jobs are concerned about job security. A housing recovery is key to economic growth. Employment and housing are linked to each other," explained Gene Lentz, president of the Silicon Valley Association of REALTORS®.

Housing is a key driver of the nation's economy, accounting for more than 15 percent of the U.S. gross domestic product. Home sales generate jobs. The National Association of REALTORS® estimates that for every two homes sold, one job is created. Spending on homebuilding products, furniture, and other residential investments also have a significant economic impact.

Some recent indicators show that the economy might be starting to rebound. Existing-home sales rose again in November and remain above a year ago. The latest monthly data from NAR shows total existing-home sales, which are completed transactions that include single-family, townhomes, condominiums and co-ops, increased 4 percent to a seasonally adjusted annual rate of 4.42 million in November from 4.25 million in October, and are 12.2 percent above the 3.94 million-unit pace in November 2010.

"This is an indicator that people are taking advantage of the buyer's market," according to NAR chief economist Lawrence Yun.

However, REALTORS® worry that any changes to current programs or incentives must not jeopardize a housing and economic recovery. They say unemployment, consumer confidence and consumer spending will not rebound until a number of issues are addressed.

Lentz said NAR actively advocates public policies that promote responsible, sustainable home ownership, and seeks to ensure affordable, accessible financing and support tax policies that encourage home ownership. "The mortgage interest deduction and high-cost area conforming loan limits remain under threat in Congress, and we will continue to monitor any actions on these issues, and advocate for policies that support home ownership," said Lentz.


The Silicon Valley Association of REALTORS® (SILVAR) is a professional trade organization representing over 4,000 REALTORS® and Affiliate members engaged in the real estate business on the Peninsula and in the South Bay. SILVAR promotes the highest ethical standards of real estate practice, serves as an advocate for homeownership and homeowners, and represents the interests of property owners in Silicon Valley.

The term "REALTOR®" is a registered collective membership mark which identifies a real estate professional who is a member of the National Association of REALTORS® and who subscribes to its strict Code of Ethics.

Variations of this article have appeared in local area newspapers.

For further information, please contact Rose Meily at SILVAR Public Affairs, email , or phone (408) 200-0109.

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