If the housing market had as much attention as the auto industry, wouldn't everything else fall into place?

By
Real Estate Agent with Coldwell Banker Fort Lauderdale Beach

If the housing market had as much attention as the auto industry, wouldn't everything else fall into place?

I'm just curious to YOUR OPINION on how the government prioritizes.

People need a place to call home.  They need job security. Then they need their own vehicle. After all there are buses and taxi's and other means of transportation.

Everyone is looking for a "bail out," however, the root cause of the debacle we are experiencing stems from the real estate frenzie and the ability to get mortgages whether one could afford a home or not.  There were loans for everyone, and people took advantage of them...Did most people understand what would occur once their mortgage "ballooned" into a payment that was probably going to be double of what their current income could maintain? Probably not.  After all, if the standard 3% raise was calculated into the equation, that 3% for most people was not going to compensate for a mortgage payment that was possibly going to double.  C'est la vie...the past is over, so how to deal with it?  I'm not even going to attempt, however, I do have a few thoughts.

1. People need homes and a place to live. It's unbelievable to me that banks would rather place people in a foreclosure situation and lose millions of dollars letting all the people that were duped into a situation where they were going to default in their payments than to work with them and at least try and adjust their rates so that they could continue to live in their homes and the banks would still get paid.  Let's see,  cost the banks money or continue to get revenue [the banks]. After all, most of the homes that the banks took over instead of working with the owners are without most of the contents.

2. If families don't have a home, have lost their jobs due to this sad state of Economy...need I say more?

3. The auto industry.  If people don't have jobs as a result of this sad state of affairs, why do they need a NEW vehicle? There are plenty of used cars around. Never the less, how can they afford one. No job, no home, no need for a car. We're bailing out the auto industry, how about mandating the banks to work with the home owners? Wouldn't that make more sense?

Where do the priorities lie for American citizens.  Why not go back to the root cause? Why not make an educated change to help not only families and home owners, keep the banks in some semblance of maintaining mortgages, alleviate the plethora of homes that are no longer with electric or maintenance, than to allow the consumers to end up living in this utter American debacle?

Where is the common sense?  Right.  Those that run this country are making tons of money and they personally (for the most part) are not affected.

Without all walks of education and all types of skills, the USA as we know it will sink into a big hole (or perhaps its close to being there). It's a shame that those we voted into office to protect our best interests have lost site on the various individuals who make our "world go round".

In my opinion, we have lost the site that makes us proud to be United States citizens.  We have lost site on making America a place for the working family.  We have lost site on what is important in America which is those of us who live here, pay taxes here, raise families here, the troops who fight to save us and keep us free.

WHAT SAY YOU?

http://www.KarenMonsour.com, 954-464-4194 cell

(Copyright © 2009 Karen L. Monsour All Rights Reserved.)

Posted by

Best regards,

Karen Monsour, REALTOR®

Coldwell Banker Fort Lauderdale Beach
4757 N. Ocean Blvd.
Fort Lauderdale, FL 33308
954-464-4194 cell
954-969-9974 fax
www.KarenSellsFloridaWaterfront.com
A recent recipient of Realtor.com®'s "Award of Excellence" for online marketing.

Multi-million dollar producer.


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Rainer
320,761
Chip Jefferson
Gibbs Realty and Auction Company - Columbia, SC

The first housing bailout was a fund raising party for the big investment corps and banks. There was no impact. At least the car makers aren't firing workers.

Jan 06, 2009 07:06 AM #16
Rainer
48,352
Kimberly Luna
Beachy Beach Real Estate - Panama City Beach, FL
Assoc. Broker, Beachy Beach Real Estate Panama City Beach FL

I have a hard time understanding why the people that WE VOTE into office, will vote COMPLETLY AGAINST what the people who PUT THEM IN OFFICE wants. 99.9% of Americans were against the bailouts for the mortgage industry, and 99.99% the auto industry. But aparently, we have no SAY in the matter.

I hope people holding offices enjoy their career, as it is sure to be short lived upon the NEXT election day!

 

Jan 06, 2009 07:07 AM #17
Rainmaker
574,889
Neal Bloom
Keller Williams Properties, Weston FL - Weston, FL
Realtor CRS-Weston FL Real Estate

Car dealers are crying for money yet one a good customer comes through their door they aren't looking to help the consumer...I finally found one after going to five other dealers.

Jan 06, 2009 07:47 AM #18
Rainmaker
222,011
Mark Watterson
Salt Lake City, UT
Utah Real Estate

The housing market lead us into the mess through failure of the government to regulated.  Now they are trying to cover the b&tts with bailouts.  So we spend money on failed government programs and hopefully some that are working (remains to be seen).  Where does it end.  What I do know is..... We will have to have a bottom in the market before any economy recovery can happen, no matter what ever the government does right or wrong. 

Jan 06, 2009 08:00 AM #19
Rainmaker
88,744
Casey Joiner
Scenic Sotheby's International Realty www.caseyjoiner.com - Destin, FL
Scenic Sotheby's International Realty

Great Ben Franklin quote above.

I turned off the news a long time ago, but I do keep up with the policies to see how it will effect my immediate area.  It's so hard to generalize what's going on.  An hour West of me in Mobile Al they are actually seeing properties hold value and new industry with new hirings in the forcast.  I think we get in trouble and add more stress when we talk in general about the situation and not focus on our immediate area.

Jan 06, 2009 09:01 AM #20
Ambassador
879,972
Larry Bettag
Larry Bettag - Cherry Creek Mortgage - Saint Charles, IL
Regional Vice-President

Nice gold star.  I think that if we had the same attention, then we'd be having the economy all zipping along.  The housing market drives our economy.  That's a fact!!!!!!

Jan 06, 2009 09:13 AM #21
Anonymous
Anonymous
Anonymous

I agree completely.  Excellent points being made.

Jan 06, 2009 09:28 AM #22
Rainer
178,939
Mark MacKenzie
Phoenix, AZ

Karen,

Washington's policies are a reflection of various lobbying efforts - this is why the car makers got a bailout and had Congressional hearings.

In the absence of a grass roots lobbying effort, nothing meaningful will get accomplished.

Jan 06, 2009 01:06 PM #23
Ambassador
476,593
Kate Elim
Dockside Realty - Spotsylvania, VA
Realtor 540-226-1964, Selling Homes & Land at LA

Hi Karen...We kept hearing how the housing industry was the backbone of our economy.  Then, along came the financial banks and then the auto industry and it appears we have lost our significance.

I do not understand.

Kate

Jan 06, 2009 02:08 PM #24
Rainer
44,322
Andrea Merriott
PalmerHouse Properties - Smyrna, GA

First, I want to make a point of noting that common sense is NOT common.  I think that you're giving politicians too much credit by giving them the benefit of being knowledgeable about anything more than their own self-serving needs.  I was and still am appalled by the way the media and some politicians blamed homeowners for the result of the deplorable acts of deception by the banks and some mortgage brokers.  The housing situation did NOT have to be this bad.  The complete lack of responsibility and denial which government regulators and banks operated under for the past year and then some caused this to spin out of control.  And still the automotive industry gets more help than mainstreet even with the record number of foreclosures month after month. I find a little comfort in the fact that some pork for mental health was attached to the "stimulus package", so now the politicians can seek help for their INSANITY.

Jan 06, 2009 05:53 PM #25
Rainer
15,350
Joseph Crespillo
Sellstate Realty First - Rocklin, CA

A lot of the loans that are getting us into trouble are not your typical home loan where the bank lends their money.  They are loans that are chopped up, securitized and sold on Wall Street.  So it is not the bank that has the ability to stop the forclosure, they may have made the loan but because of securitization, they are just the servicer and the loan could be owned by hundreds of different investors.  I have been in the industry for 32 years and every decade we have had a correction in the housing market.  This one is the biggest, badest and longest I have ever seen.  Like any injury there is always pain before cure.  Politicians are like Dr's, they do not know what the illness is and they will try different medications before they find a cure.  The only difference, is that in this case the Dr's created the illness.

Joe

Jan 06, 2009 07:25 PM #26
Rainmaker
1,406,306
Charles Stallions
Charles Stallions Real Estate Services - Pensacola, FL
800-309-3414 - Pensacola, Pace or Gulf Breeze, Fl.

I watched the swearing in ceremony today and could help but think it was like letting the robbers into the banks. How did we get to the point that we trust Lawyers clothed as politicians into running our everyday lives. It would be funny if it didn't hurt so much. We are now to the point in my lifetime where 67% of the population is either retired, too young to work or too sorry.

When I first heard that in the year 2015 we would see these numbers I was 22 years old and I laughed and made fun of the person that was making that speech, that was 26 years ago. I went to hear  that same person 5 years ago and he said by the year 2015 the America would be detroyed, not by a military giant but by the shear weight of the unemployed and people not willing to works. Lets see he was six years too late on the first perdiction, so by that standard and since he made this statement 5 years ago then you do the math.

Jan 06, 2009 08:45 PM #27
Anonymous
Anonymous
This is Karen

I would love to reply to your comments, however, I'm having trouble logging in...   :-(

Jan 06, 2009 09:27 PM #28
Rainmaker
407,670
Karen Monsour
Coldwell Banker Fort Lauderdale Beach - Fort Lauderdale, FL
REALTOR, SSRS - Sells FL Waterfront, Short Sale Expert!

OK, Another new AR look - I like it!  Finally figured out how to log into my site :-0  LOL!

Well, there have been some absolutely fantastic opinions and comments on here and I will get back to here soon to reply to some that I think are fantastic!  Although I'm usually up late...thankfully our office has been on overload (yeah!) and I'm exhausted...and that's a good thing.

Keep up the comments, perhaps we can forward this to our government officials...sans names of course.

 

Jan 06, 2009 09:49 PM #29
Rainmaker
407,670
Karen Monsour
Coldwell Banker Fort Lauderdale Beach - Fort Lauderdale, FL
REALTOR, SSRS - Sells FL Waterfront, Short Sale Expert!

ANYONE ELSE HAVING PROBLEMS USING THEIR TOOL BAR AT THE TOP?

Jan 06, 2009 09:51 PM #30
Rainmaker
325,147
Esko Kiuru
Bethesda, MD

Karen,

It sure looks like our priorities are a bunch off the target. Housing is a major segment in the whole economy and now it seems to get less than needed attention.

Jan 06, 2009 11:22 PM #31
Rainmaker
407,670
Karen Monsour
Coldwell Banker Fort Lauderdale Beach - Fort Lauderdale, FL
REALTOR, SSRS - Sells FL Waterfront, Short Sale Expert!

Esko,

I agree. Has it been given any attention.  I'm shocked at the stupidity of the elected officials...Why don't they get it.  Fix the root cause and the rest will fall into place.  Thanks for posting.

Jan 07, 2009 11:09 PM #32
Ambassador
529,076
Rich Jacobson
Keller Williams West Sound Realty - Poulsbo, WA
Your Kitsap County WA Real Estate Broker

Okay, so I'm leaving a comment. What exactly is disabled???

Jan 11, 2009 12:59 AM #34
Rainmaker
407,670
Karen Monsour
Coldwell Banker Fort Lauderdale Beach - Fort Lauderdale, FL
REALTOR, SSRS - Sells FL Waterfront, Short Sale Expert!

Localism

Jan 11, 2009 11:12 AM #35
Rainmaker
247,946
Mike Klijanowicz
Baltimore & Harford County Maryland - RE/MAX AMERICAN DREAM - Perry Hall, MD
#1 Baltimore & Harford County Maryland REMAX Agent

I just heard that the PORN industry is seeking a bailout!  I think I heard it today on XM radio.  They also said that there unique visits are up from last year, but they feel they deserve a check too!  How crazy is that.  And I agree if they would have spent as much time and effort on the real estate market we probably would be out of this mess that we are in by now...

Jan 11, 2009 07:38 PM #36
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Rainmaker
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Karen Monsour

REALTOR, SSRS - Sells FL Waterfront, Short Sale Expert!
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