Are we setting future generations up for a catch 22?

By
Real Estate Services with QEC Internet Services

Education is an essential foundation for personal, social and economic success in a globalize economy.  The United States spends more public and private money on education than other major countries, but its performance doesn't measure up in areas ranging from high-school graduation rates to test scores in math, reading and science, according to a new report from the Paris-based Organization for Economic Cooperation and Development, which produces an annual education review of industrialized nations.

What are the prospects for the real estate industry if this trend continues?  Will Americans have the wherewithal and capacity to afford homes at current or future prices?

If this trend continue would you advise or counsel your children and/or grandchildren to enter the real estate profession or just get a job that is not real estate related?

Stiff competition for qualified buyers would seem to be a criterion for frustration as well as being a ripe formula for career burnout.

Given the fact that market prices in many regions of the country have severely outpaced income and the currently reduced market prices still exceed most buyers' ability to qualify for financing.  One or two more trends (price increases) like we experienced from (1973 - 1979) and from (1999 - 2004), would seem to make home ownership more of a dream than a reality. The disparity in income and wealth (between the haves and have nots) in my opinion will become quite evident and effect homeownership issues as history moves forward

As a grandfather of 6 jewels, I'm concerned as to the quality of life my young ones will live and would truly hope we're not ruining their future with decisions being made today.  Once a million dollars become the median home price, $15 gas becomes the norm and wages continue to lag like they always have, what quality of life will they experience, other than the new tech toys and gadgets that come onto the market?

I guess an even better question is do we really care as to the future we leave our children's children.  This discourse has not even considered the environmental climate, which had its own quality of life issues.

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Rainmaker
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Chuck Willman
Realtor - Arizona - 480.292.0600
Gentry Realty

I have a belief that we'll always manage to find a way to balance the cost of housing with our needs... of course housing will probably always be just at the end of our ability to afford it. So... my advice to everyone is always to save for a rainy day... that savings may be the difference between renting and owning.

July 14, 2008 12:16 AM
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Rainer
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Additional Information

This is designed to share some of my 30 years of experience in the real estate, finance and technology business.