Evidently, the real estate market – one of the prime economic engines of our economy – is finally rebounding. Everyone knew it would, but everyone also has gotten really tired of waiting for the break to happen. Beneath all is the land, as one author penned some years ago, and indeed real estate is the bedrock of America’s wealth.
Yes, there are other foundational economic engineers – the stock market, the oil and cattle industries, manufacturing, etc., but real estate is the bedrock. Most people spend more on a home than on anything else in their lifetime. ABC News revealed this week that real estate was the source of more millionaires than any other product or service.
Never thought I’d be so glad to quit using any particular phrase as I am to toss “a challenging real estate market” in the Round File. It’s funny how the ‘challenging real estate market’ was called such a diverse array of names. I decided to compile the wacky ways different industry experts described the worst economic disaster in the history of this country. Read this and laugh – or weep, whichever comes first. And if you’re wondering what my name for the mess was, check below under “media”.
|Who’s Talkin’||What They Called America’s Economic Crises|
|1. Realtors||Challenging market|
|2. Builders||Soft market|
| 3. National Assoc.
|This is a serious time in our industry|
|4. Home Owners||Freaking disaster|
|6. Media||Disaster. Worst real estate depression since the savings
and loan scandals of the late ’80s and early ’90s. Yes I
said depression, not recession. Anyone who doubts this
was a depression has their head stuck in the sand up to
|7. CNN||Worst recession in our time|
|8. Fox 4||Catastrophic recession|
|9. Creative real||A tsunami of disaster estate writers|
|10. The cavalier||The industry, by its very nature, is cyclical. It’s like Texas
weather. If you don’t like it, just wait a minute.
|11. White House
|We’re trending up significantly and are looking forward to
another big bump in the stock market. We’re going to keep
the prime rate where it is and home buyers can get
mortgage loans as low as 3 percent.
|12. Banker||We have literally billions of dollars in federal money meant
to ease the financial burden of new home buyers. But we’ll
be dad-blamed goofy if we’ll give it to any buyers. We’re
hanging onto it. We are making sub-prime loans and
charging up to 40 percent on those, making quite a stash
o’cash on that baby. However, we are giving 1 percent
interest on CDs and savings accounts. We’re just
interested in the public good. Oh, and also, we have about
200,000 foreclosed properties. You wouldn’t be in the
mood for a real bargain, would you?
Could we just get real about the real estate crisis and call it what it truly was? Just askin’.
Here’s an opportunity to share your opinions about the real estate debacle. Send us a quick e-mail with “real estate market” in the subject line. We’ll share those opinions in an upcoming column. You must send in your name and contact info, but we will hide your identity if you wish. Please limit comments to 200 words.
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God bless the land beneath all and the people on top.