The U.S. home building industry did not like what President Obama had to say tonight on Immigration.
Tonight, minutes on the heels on President Obama's nation TV address, Kevin Kelly, chairman of the National Association of Home Builders (NAHB) and a home builder and developer from Wilmington, Del., issued the following statement regarding President Obama's executive action on immigration:
Kevin Kelly, Chairman of NAHB
"While President Obama's executive action may provide relief for a portion of the estimated 11 million undocumented immigrants residing in the U.S., this piecemeal approach to immigration reform is no long-term answer. It could be overturned by a future administration and it puts employers in a precarious position with regard to uncertain employment verification requirements.
"The only way to enact comprehensive immigration reform is for Congress to provide a legislative answer. This can only happen if the White House works with Republicans and Democrats in both the House and the Senate. Significant progress was made toward developing comprehensive immigration legislation in the last congressional session and the administration and new Congress should build on that foundation to develop a lasting, fair and workable policy solution."
CNN recently focused on an interesting new phenomenon in Beijing-couples are getting divorced to buy more condos. The Chinese government recently started to enforce a 20 percent capital gains tax on any Chinese household for selling a second home.
Jobs data released today is welcome news for the U.S. housing sector. Jobs drive real estate markets and fears of a stalling economy based on prior month's disappointing job numbers has been weighing on the market.