BrokerageMarkets & Economy

Does White House uncertainty hurt the housing market?

Industry professionals and economists weigh in

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Yesterday, Wall Street got hammered with the Dow Jones tumbling 372 points, the biggest percentage loss since September of last year. The global sell-off was blamed on uncertainty around the Trump presidency, impairing the prospects of tax cuts, infrastructure spending and banking reforms. Chatter about impeachment hearings could compound the uncertainty. How about real estate? Are there any lessons from history? During the President Nixon impeachment trial in the early 1970s, the housing market was already limping along as a national recession took hold and the economy was beset by hyperinflation. Politics could not be blamed for an ensuing and bitter economic period. During the President Clinton impeachment trials of the late 1990s, the economy was booming as the tech surge accelerated full force and unemployment hovered low. Clinton’s shenanigans didn’t seem to rattle Wall Street or the housing market. Epic disasters like 9/11 have also had minimal influence ...