Former Florida Governor and Texas native Jeb Bush has recently shown doubt that President Barack Obama will take a firm stance on the country's current housing crisis, HousingWire reports.
Bush is currently the head of his own consulting firm, Jeb Bush & Associates, and spoke to the Mortgage bankers Association at their 98th Annual Convention and Expo in Chicago.
"The hope and feeling of optimism (has been) replaced with despair. All the polling numbers have been so bad as to the pessimism of the country, so that 70 percent feel we are heading to recession," Bush said.
Bush continued by examining how the heavy-handed regulatory environment of the housing market will hinder long-term solutions.
The Houston real estate market could benefit if Bush's words were taken into consideration. At present, older more established neighborhoods with home prices over $200,000 have done well despite the weak market. However, newer neighborhoods with home prices below $200,000 have been affected by foreclosures and short sales, according to the most recent report from the Houston Association of Realtors.
Currently, the average price of a home in the Houston area is $185,182, according to the report.
Courtesy of 2M Realty News