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As we race towards Election Day on Tuesday, we're also racing towards the possibility of a new administration in the White House. We sat down with our real estate attorney to find out what types of policies have worked and which ones haven't, in regard to the housing market, over the last four years.

“Many of the policies were designed to assist the mortgage industry and overcome the disastrous consequences of the bad mortgages during the early part of this decade,” said real estate attorney Anthony Ianello. “Some of those policies were focused on assisting homeowners in foreclosure and assisting states with issues involving mortgage delinquencies.”

The Federal Reserve, otherwise known as "the fed," on the other hand, is the central banking system for the United States and its policies are enacted independent of the president. The biggest role it plays, as we all know, is in setting interest rates. That, by the way, remain at all time lows.

Ianello said, “At this point, the fed has resolved that the rates are to be around this level until the year 2015. Certainly that's contributed greatly to any stabilization of the mortgage market and housing industry.”

Ianello said he hasn't heard much from either the president or Mitt Romney on the campaign trail when it comes to the housing market. And he thinks it's not just specific real estate industry policies that will help bring the market out of its slump.

“President Obama has tried very hard to implement certain policies to assist the mortgage market and the housing industry. I think what will help the housing market and the real estate industry, more than anything, will be jobs,” Ianello said.

Ianello reminds us that the economy and the housing market go hand in hand. Without both gaining steam, a full recovery won't be possible.