Obama, the Crumblin Economy and Real Estate Market

Barack Obama is the man to whom America has handed the reins of a faltering economy, including a crumbling real estate market. A little bit more than half of all American voters shouted in unison at the recent elections, and the words were loud and clear - ‘We are for Obama because want change!’

Well, we are going to get change, and we are going to get a lot more change than we were asking for. The problem is that change is going to create turmoil for a while and, because of the turmoil, our business based economy is going to be upside down. An upside down business sector loses jobs, pays less taxes, saps resources and can no longer be relied upon to build up the economy.

People without jobs cannot buy homes, unless they have all cash. People without jobs who already have homes will struggle to make mortgage payments. When they can’t make their payments they will be foreclosed on. When the bank gets the home back it will be just one of many in an ever growing stockpile of property which they have had to reclaim. Banks are not in the business of owning property and if they are forced to own too much they will be out of business altogether. Having an inventory of property instead of liquid funds is a cancer which will shut down all systems of our economy, and do it quickly.

Real estate professionals know that the inventory is very high. This escalating number of properties for sale will take years to reduce if it is done correctly. And we need to do it correctly. Giving people homes they could not afford has put us in the postion where we are now. Using un-sound lending practices to make things seem better will only provide a temporary fix and we will end up with a bigger problem in the near future.

President elect Obama was elected because he represents hope to the many who voted for him. He is, by most accounts, a very intelligent and amiable man. He also is at the top of the scale as a communicator. His communication skill, more than any of his others, will help America through the rocky road on which we must now travel.

Going through money problems is hard. Going through them without communication from our leader is worse. We need that someone - someone who tells us the truth and lets us know that there will be light at the end of the tunnel - and hopefully it will be President Obama.

May God bless, guide and protect the President and his family and this nation.

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Article Source: http://www.thecontentcorner.com

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