By Denise Kalette
It’s been a busy week for President Barack Obama. On Tuesday he signed into law his $787 billion economic stimulus plan. Earlier today, he unveiled a $75 billion program to stem the tide of home foreclosures. To what extent will these moves benefit the commercial real estate industry? NREI asked a handful of economists and industry experts to weigh in on whether the president’s prescription for the economy and the housing market will work.
The Homeowner Affordability and Stability Plan unveiled today will help as many as nine million families restructure or refinance their mortgages to avoid foreclosure, according to the Obama administration. The program provides financial incentives for both borrowers and lenders working to reduce the risk of default.
The homeowner plan could have a trickle-down effect for commercial real estate, says John Terrence Farris, director of the master of real estate development program at Clemson University. Farris is a former community development consultant and subcontractor in Columbia, S.C. and other cities.
Read more here: Government Stimulus Programs Could Benefit Commercial Real Estate