10/22/2012 04:35 pm ET

Good Housing News May Not Be Good For Obama

As "Moderate Mitt" and "No Drama Obama" round out their three-act play this week with their final debate, the Obama team has to be hoping it's not déjà vu all over again.

With most news outlets, economic forecasters and think tanks cautiously gushing at the news of a positive real estate housing recovery that seems to be finally pulling itself from underneath the water, it is eerily seemlier to the "day late, dollar short" scenario that the senior George Bush found himself in the '92 presidential election - where it is largely believed he lost the election because of the abysmal economy.

In a cruel twist of fate, and as the inauguration of Bill Clinton approached in January 1993, fiscal indicators showed an economy on the mend, inflation down and job numbers up. (Sound similar). Consequently, the Romney team has to be hoping for the ghosts of '92 to reappear.

When the country braced for this transfer of power in 1992, news outlets were keen to report on this irony. And bitterly, one can only imagine what Mr. Bush was thinking as he was being airlifted from the White House lawn in the Marine One helicopter for one last time. It would be an even crueler twist of fate for Mr. Obama to find himself in the same predicament - since the lousy economy has been his Achilles heel.

Whether or not history repeats itself, we'll all know the answer to that question on the morning of November 7, 2012. At least let's hope so, since no ones in the mood for a suspended state of animation. Not with the fiscal cliff in all.

However, if Obama succeeds in keeping his job and avoids having to fill out a US Postal change of address form, he'll have at least 47% of the country waiting for a more aggressive approach towards housing reform. Irrespective of a president who has been chronically hamstrung by his friends on the right side of the aisle, the American populace does not suffer fools well, and will expect to be paid back in full.