HOUSING, THE ECONOMY AND WHAT OBAMA SAID

By
Real Estate Broker/Owner with People first then business! Ran Right Realty Riverside, Ca BRE LIC #636943

I just finished watching president Obama at a press conference. He talked about Libya, the budget, politics, and the Japanese earthquake. The part that got my fullest attention was when he commented on housing. He stated something that was true, but not thorough

HOUSING PRODUCT VALUE

We have 5 trillion dollars worth of product that comprises the housing market. Anything that affects that moves slow. The problems of homes not being worth what is owed on them is recognized and rampant across the nation. He claims it was spurred on from new construction all over the United States meeting up with the recession implying that the glut is a problem.

NOT EASY TO FIX

He also said quite clearly that this problem is going to take some time to correct. He met with Warren Buffet a financial mover and shaker who promotes the economy as going to be robust and is making its way there. Buffet shares that the housing industry isn't responding very well. Obama tries to explain why

OTHER CAUSES OF THE PROBLEM

Didn't the banks and Wall Street artificially drive up the pricing by prompting irresponsible loans to anybody that was standing and breathing? Didn't they induce and market programs for the public to borrow against their homes commonly called HELOC's or Home Equity Line Of Credit? Why is that so not talked about anymore?

WE ALL PLAYED A PART...SOME MORE THAN OTHERS

Yes, Americans were tempted by these attractive pitches of having wealth quicker, faster, cheaper and better and took the bait. Yes, greed kicked in for millions of people who accepted the campaign as presented. When someone is selling drugs for instance, it is customary to go after the drug suppliers and dealers first which cuts the supply to the user. Then the user has to look elsewhere for whatever it is they are looking for. Promising get rich schemes promoted by financial institutions to people who work 9-5 all week long was an abuse or position.

OUR PROTECTORS WERE ASLEEP 

The governmental guidelines and restrictions were ignored. We even had watch dogs agencies in place to prevent banks from becoming too zealous. What happened to them to them doing their jobs? You only hear about their non-response after the fact. Bear in mind it is not just one agency, but all of them

SAME PROBLEM...DIFFERENT STORY?

This came up before in the form of 911. Different agencies were gathering data and ignoring it. If that wasn't bad enough, they wouldn't share it either. Consequently, a small handful of terrorists were able to execute a plan that cost us trillions of dollars in damages. Some of the effects are felt to this day.

AMERICA...AMERICA

America is as great as its people. Its people are only as great as their leaders. the leader's have to come through or we all lose...

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Topic:
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Location:
California
Tags:
housing
recovery
new construction
foreclosures
recession
obama
911
america
buffet
wall street

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Rainmaker
374,160
Bob Jakowinicz
National Realty Centers Livonia--Bob Jakowinicz - Livonia, MI
734-578-6561 - Michigan Real Estate Agent

I guess there are a lot of factors when something gets this messy.  I agree it will take some time to get things straightened out

Mar 11, 2011 03:24 PM #1
Rainmaker
1,345,140
Richie Alan Naggar Author PEARLS SERIES of books
People first then business! Ran Right Realty Riverside, Ca - Riverside, CA
on LIFE and LOVE plus Real Estate too!

Hello Bob...whatever is going on, it has our full attention. I just wish it was not so destructive as it works itself out. The stakes are people no less and we deserve better than this.

Mar 11, 2011 03:40 PM #2
Rainmaker
402,251
Kathryn Acciari
RE/MAX Professional Associates, with offices in Sturbridge, Charlton, Auburn, Spencer, and Shrewsbury - Sturbridge, MA
Realtor - CDPE, CIAS, Sturbridge MA Real Estate

I still find it difficult to understand why, when our financial centers took a hit on 9/11, the housing craze kept on going.  After that attrack, we should have closed the shutters and locked up our bank accounts.  But no, bullheadedness prevailed and we are still trying to recover, ten years later.

Mar 11, 2011 09:02 PM #3
Rainmaker
1,345,140
Richie Alan Naggar Author PEARLS SERIES of books
People first then business! Ran Right Realty Riverside, Ca - Riverside, CA
on LIFE and LOVE plus Real Estate too!

Kathryn...most excellent comment...Looking for opportunity in this country is ingrained deep in our Psyche. That is why we have financial successes and failures....we take this subject right to the edge all the time. I object to when cities, states and the feds do it...People may do it individually, but not the government with our money....

Mar 13, 2011 10:40 AM #4
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Rainmaker
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Richie Alan Naggar Author PEARLS SERIES of books

on LIFE and LOVE plus Real Estate too!
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