The following is from the July 5, 2008, edition of The Associated Press. SMU Political Scientist Cal Jillson provided expertise for this story.
By JEANNINE AVERSA
WASHINGTON (AP) — Home foreclosures will keep rising next year no matter who is elected president in November.
Even the optimism that surrounds a new president taking office cannot resurrect home values overnight, and presidents have no direct ability to reduce rising mortgage rates. Nevertheless, Democrat Barack Obama and Republican John McCain both promise help for homeowners facing foreclosure. . .
Although most voters think the next president will have a "great deal" or "some" influence over housing prices, the reality is there is no quick fix.
"The odds of that are slim to none," said Cal Jillson, political science professor at Southern Methodist University. If the next president can make people more optimistic about the future, "the slow rebuilding of confidence will help to increase home values," he said.
# # #