Windermere Real Estate SoCal was honored to receive a visit yesterday from Congresswoman Susan Davis, representing California’s 53rd Congressional District, at our La Mesa office. Our friends at La Mesa Today were kind enough to share their coverage, photos and a YouTube video from the visit. Congresswoman Davis spoke with Windermere SoCal co-owner Bob Deville about the current state and recovery of the housing market.
Accompanied by La Mesa Chamber Executive Director Mary England, democrat Davis visited Carl Burger Dodge, Jejoni Signs and met with the owners and managers of Windermere Real Estate at their Allison Avenue offices.
Accompanied by Daniel Hazard, her San Diego field officer director, Davis has been getting to know her new, far-flung district better while hearing about the specific concerns business owners wanted to put on the table.
Windermere’s principal owner Bob Deville was quick to bring real estate’s greatest concern up: the mortgage tax deduction.
“It would be terrible to do away with that,” Deville said. Tax reformers and flat tax proponents have talked about eliminating the mortgage tax deduction, which Realtors, just recovering from the worst market since the Great Depression, believe would undermine demand for homeownership.
Davis told Deville she didn’t see, even if tax reform is taken up, that there would be a consensus in Congress for touching the mortgage deduction. It is, she said, central to the needs of Middle Class families still digging out from the recession.
Otherwise, the realtors told Davis things were improving quickly in the housing market though they recommended needed tweaks to the regulation of new home loans (see video below) which have made it more costly and too difficult for some qualified homeowners to enter the housing market. Realtors also suggested changes to the reverse mortgage financing.
“But overall everything is moving in the right direction,” said Kirk Gregor, Windermere’s director of office development. “The real problem is inventory. Every deal has five or six offers. But that has stabalized things and homeowners are starting to see real equity return to their homes. That’s a good thing.”
The Windermere staff presented Davis with a number of La Mesa gifts and toured her through their offices, which the company built out of a vacant bank facility.