“Things never go so well that one should have no fear, and never so ill that one should have no hope.” (Turkish Proverb) from my favorite source for inspirational quotes - the Jack's Winning Words blog.
I suppose that we are in the mode of things gong so ill in real estate that what one is left with is primarily hope for the better. I'm not sure what the impact of the recent calls for a foreclosure moratorium will be on the market. Things are so screwed up right now that no one seems to be really sure what is happening from day to day. The only certain thing is that we need to get this whole mess behind us and that means getting all of these distressed houses out in the open and sold off. Delaying the inevitable doesn't seem like a good idea.
The banks need to either foreclose them and get them sold off or take their haircuts now by forgiving the lost part of the equity involved and refinancing the homes for those who want to stay and can afford a lesser payment. That obvious solution seems to be one that just gets little public discussion and has no traction with politicians. I suspect it's mainly because the big banks are also big political contributors and the politicians would rather play to them than to their so-called constituents.
But, hey. as the Turkish proverb says, we can still have hope. Failing that we have the upcoming ultimate reality show to watch for a while - the November elections. It's sort of like being at a movie marathon where the movie "Dumb and Dumber" is playing constantly.
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