Ben Carson to be new head of HUD:
Builder confidence in the market for newly-built single-family homes remained unchanged in April at a level of 58 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI).
President-elect Trump has officially nominated Dr. Ben Carson to head up the Department of Housing and Urban Development.
“I am thrilled to nominate Dr. Ben Carson as our next Secretary of the U.S. Department of Housing and Urban Development,” Trump said in a statement released today. “Ben Carson has a brilliant mind and is passionate about strengthening communities and families within those communities.”
The selection is considered to be very interesting as Dr. Carson (who grew up in Detroit) does not share the classical views of prior HUD secretaries. Last year, Carson publicly criticized an Obama policy requiring that cities publicly report racial bias in their housing patterns, the Post reported.
“These government engineered attempts to legislate racial equality create consequences that often make matters worse,” Carson wrote in the Washington Times. “There are reasonable ways to use housing policy to enhance the opportunities available to lower-income citizens, but based on the history of failed socialist experiments in this country, entrusting the government to get it right can prove downright dangerous.”
Separately, Trump selected Steve Mnuchin, the former Goldman Sachs executive tapped for the Treasury job. He said that one of the things at the top of the Trump administration’s agenda will be “getting Fannie and Freddie out of government ownership.”
The news sent Fannie and Freddie stocks skyrocketing to 45% above their opening price, to levels not seen since June of 2014. Both stocks closed near $4.40. .
With these two appointees, the housing market is in store for many policy and structural changes in the coming years.
Debora Aguirre- Realty Executives Advantage