December 2nd is a very important day in this year’s election. There is a runoff between Saxby Chambliss and Jim Martin due to neither candidate obtaining a majority of 50% plus 1 vote to win in the general election on November 4th. I normally do not post articles voicing opinions about politicians especially since this blog is primarily about Atlanta Real Estate, our local market and activities going on in the area.

With the current climate of the real estate market both locally and nationally I feel compelled to let every one who reads this blog know which of the US Senatorial candidates has proven to be an advocate for home owners and real estate. Here are some of the highlights regarding real estate related votes cast by Saxby Chambliss:

•    Modernizing FHA – FHA’s single family mortgage insurance program is a valuable tool that helps more people achieve the dream of homeownership. Saxby Chambliss voted for FHA Reform legislation that will update programs so that consumers have greater refinancing opportunities and better alternatives for safe loans at fair prices.
•    Improving Mortgage availability – Saxby Chambliss supported the efforts to expand access to GSE conforming and FHA loans limits by increasing the current loan limits.  Increasing these limits provides more liquidity to the market helping those trying to purchase homes in high cost areas gain access to lower cost fixed rates mortgage options. It also helps families trying to refinance their current mortgages in order to avoid foreclosure.
•    Tax Reform and incentives for homebuyers – Saxby Chambliss understands the need for investment in our nation’s neighborhoods and the importance of real estate to our economy.  That’s why Saxby continues to support the Mortgage Interest Deduction, eliminating the AMT for struggling middle class families and voted to lower Capital Gains rates for Real Estate.  He will work to ensure that any tax reforms proposed in Congress protect America’s homeowners and their most valuable asset.
•    First-time homebuyer tax credit – Saxby also understands the challenges that every homebuyer faces when buying a home. That’s why he supported efforts that created a limited time tax credit for first-time homebuyers who are able to shoulder the responsibilities that come with owning a home. He also supported efforts to expand the current credit so that it can operate as a valuable incentive for purchasers.
•    Short Sale Tax Relief – Saxby Chambliss knows that families are facing difficult choices in today’s market.  That’s why he voted for legislation to give some tax relief to sellers involved in the short sale situation.  The provision eliminates the income tax owed by the seller on the amount to cancel or forgive debt.
•    Veterans’ housing – The VA home loan guaranty program has successfully helped many veterans safely and affordable achieve the dream of homeownership. But now it needs some updates to provide even better access for veterans. Saxby supports reforming the VA home loan guaranty program to increase the loan limits, extend the VA Adjustable Rate Mortgage (ARM) programs, and ease refinancing for America’s veterans.
•    Small Business Health Coverage – Small businesses are the backbone of the nation’s economy. Yet roughly half of the 47 million uninsured Americans are self-employed, work in small businesses or are family members of small-business workers. That is why Saxby supports legislation to address the problems that the self-employed and small businesses face when looking for health coverage. Solving the problem of the uninsured must become a top legislative priority for Congress.
•    Keeping Banks out of Real Estate – Sen. Chambliss cosponsored the Banks in Real Estate bill which clarifies in law, that a real estate brokerage shall be a non-banking, commercial activity.  

This article is not about endorsing a political party; it is about endorsing a candidate that has a proven record of supporting real estate and the dream of homeownership.  No matter which candidate you select, remember to vote in the Georgia Runoff Election on December 2nd.