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Obama does not get it. He needs to get Congress to repeal Dodd-Frank.

I am depressed about the election results because Obama does not understand how the Dodd-Frank Bill will stifle the economy further.  He had better start being a lame-duck, consensus-builder to kill this horrible legislation immediately.  If not, housing will become his albatross.

If the Mortgage Debt Relief Act is not extended, foreclosures will increase dramatically.

In addition, the Mortgage Debt Relief Act MUST be extended, or short sales will die and foreclosures will again flood the markets.

And, if he messes with the Mortgage Interest Deduction, the nail in housing and real estate’s coffin will be driven.

This president does not get it.  He needs to become a quick study on housing issues, or his legacy of killing the housing recovery will be written in the history books.

Sad night for the real estate industry.