Waxman-Markey and St. Louis Real Estate

Waxman-Markey. . . it’s that Cap and Trade thingy!

Waxman-Markey’s intended or unintended consequences, will bring the Real Estate recovery to it’s knees.

“That bill contains 397 new regulations. One of them would affect almost everyone who buys or sells a home. If Waxman-Markey becomes law, homes for sale that qualify as “federally related transactions” — which is almost all of them — would be required to undergo an environmental inspection.” read more - Politico

How’s that Hope and Change thing working out for you?

I would love to hear from you!

This entry was posted on Thursday, September 24th, 2009 at 6:22 pm and is filed under Opinion, Real Estate News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

2 Comments »

Ryan Shaughnessy said:

Doug/Art:

I like this hard real estate news post. The cap and trade bill is bad for so many reasons… Here are a few of them:

(1) rise in utility/energy prices.
(2) Federalization of housing codes by mandating certain energy efficiency levels in new construction.
(3) Mandates for environmental inspections that would increase transaction costs and insert just another issue to justify further negotiation in price.

The environmental inspection requirement mentioned was deleted by amendment from the original house bill after lobbying by NAR and other organizations. From the article, it looks like it is back on the table which isn’t a good thing – especially for older homes in established communities.

Ryan

# 24 September 2009 at 7:10 pm