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On the day the stock market dropped 777 points, gave me a slight case of heartburn!!! I remember that real estate speculators & borrowers who were overleveraged risked getting burned but that the rest of us would be just fine. That was before I understood the extent of the subprime market and the credit debt swaps and how they would affect those of us on Main Street. I think we all are responsbile in some way for the current credit crunch. We didn't package risky securities for big commissions as they did on Wall Street, but many of us benefited from the easy money that was available to refinance our homes or buy second ones.
We all enjoyed the fact that real estate was a sought after investment and that the rate of home ownership just kept rising. We also enjoyed the fact that real estate ownership made us feel wealthier. And there seemed to be no end in sight. The residentail real estate market enjoyed a decade long boom. Unfortunately, we didn't see the warning signs of overzealous lending practices. While I welcome the return of prudent lending practices, I haven't stopped believing in real estate ownership as both a wealth builder and one of the great pleasures of life. During this trying economic time, I'll gladly keep reinforcing that point of view and remind you and the rest of Main Street that both real estate and the stock market will rise once again.
Now is the greatest time to buy property. Check out the interview w/Keller Williams Realty Chairman Gary Keller, "Economic Stabilization: What Happens Now?" |
