Trump may be Good News for Home Builders

Real estate brokers say they're optimistic about the Trump administration. One of the President's first actions was to block a quarter point mortgage premium rate cut for FHA backed loans.

JP Piccinini says the problem now is a lack of new homes.

"Builders cannot build fast enough; builders cannot afford to build in a lot of places because of corporate taxes, because of taxes imposed on small businesses."

Piccinini says Trump's background in real estate should mean brighter days ahead.

"Yes I'm excited about the Trump administration; I think he's a real estate developer, he gets it. We're gonna be building more homes."

Piccinini says democrats are trying to make hay about blocking the rate cut when everyone should be focused on getting home builders back to work.

"We don't have enough houses; everybody's giddy for houses which results in prices going up -- that's the biggest issue.  We're talking about $50 a month mortgage insurance rate and what we really need to talk about is double digit price increases because there's not enough homes out there."

It's estimated the rate cut would have saved 15% of the nation's mortgage payers about $30 a month. But Piccinini says that pales in comparison to the need for new homes to be built.

 

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