I took a look at Trump's new housing executive order. As usual, the headline makes a bigger promise than the actual policy delivers and not as trivial as some have made it out to be.

That doesn't mean it's useless. It means we ought to look at what it actually does.

The order targets several specific costs. It directs agencies to explore ways to eliminate unnecessary mortgage insurance payments for certain future borrowers who build enough equity, reduce title-related costs on eligible refinances, lower rates on certain direct government loans, and make manufactured housing easier to produce.

Those are legitimate places to look for savings. Nobody benefits from unnecessary paperwork, redundant fees, or regulations that add cost without adding value.

But let's keep this in perspective.

This order doesn't lower conventional mortgage rates across the board. It doesn't reduce property taxes or insurance premiums. It doesn't bring down the asking price of a house, and it doesn't guarantee that streamlining manufactured housing regulations will result in more affordable homes.

Some homeowners and future buyers could benefit. Others may see little or nothing.

There's also a difference between directing an agency to develop a program and seeing actual savings show up in someone's monthly budget. The details, eligibility requirements, and implementation matter.

My take? Judge it by the results, not the announcement.

How many people actually save money? How much do they save? What does it cost to implement? And do those savings reach the consumer, or get absorbed somewhere along the way?

That's how I'd evaluate any policy, regardless of who occupies the White House.

Housing affordability is a complicated problem. Reducing unnecessary costs is worthwhile, but it isn't the same thing as solving the problem. I'll give credit when it's due, when the savings actually reach the pockets of American's. Until then this is a great headline not a victory lap.