This morning, as I perused my inbox, I took note of two entries that through pure happenstance were positioned one after another. One headline read - Real Estate Outlook: Housing Market Struggles, which was from Realty Times, while the next entry from the Jack’s Winning Words blog carried this lead quote - “Everything will be OK in the end. If it’s not OK, it’s not the end.” (Carolyn Myers). Sometimes Jack’s winning words are more prophetic than others.
Indeed the Realty Times article went on to provide lots of statistics about the economy – slowly improving, but with many issues still evident – and the housing market as a mjor component of the economy – still stalled by employment insecurity and lending difficulties. The article laid out a litany of issues, from the new requirement for higher down payments to the looming threat of the end of the MID and including the still large overhang of distressed houses on the market depressing prices as contributing factors in the continued housing malaise.
Like a broken record the articles about the moribund housing market are getting really old; which makes the words of Jack’s blog even more meaningful, especially to a Realtor. While I hate the popular saw “It is what it is”, in fact it is and, you know, what it’s not is the end of the world. It might be the end of life ands we knew it, but that just means that we need to learn how to live with this new reality and get on with life.
So, bring it on. Hike the down payment requirements, rescind the MID, make home ownership a privilege that people have to strive top achieve and not some sort of subsidized entitlement. It’s not OK, but it’s not the end. We’ll all figure out how to live in this brave new world.