Reality is, the election is over and whether your team won or not, America is an eagle: it needs its left wing and its right wing in order to fly. We all need get down to work. Whether we’re euphoric or we’re down in dumps, let’s go flap our wings. My focus is on making calls, writing notes and getting out seeing our clients and business owners.
Right now, with so many people worried about their finances, the market etc. it’s very easy to forget all that we have and all there is to be thankful for.
Your attitude has a lot to do with your perspective. Here are some facts to ponder:
More than 1000 banks closed in 1930 – only 14 U.S. banks have been taken over in 2008
There are 76 million households in the U.S. that own their home - 24 million of these homes are free and clear
There are 52 million homes with mortgages - 97.2% of these are not in foreclosure, 93.8% of these homes are current on their payments
On a sobering note:
Over 20% of homeowners with a mortgage owe more than their home is worth
40% of all foreclosures are non-owner occupied
How did we get here? Nine straight years of appreciation fueled and accelerated by cheap and easy credit in a very materialistic economy where having now was more important than saving and purchasing what you can afford.
Over the last 50 years the average run up has been 4-5 years followed by 18 months of correction. If we ran for twice the average, you may expect a 3 year recovery.
It will remain a great time to buy for at least the next 1-2 years. More programs are being introduced every month to address first time buyers and investors. Contact me anytime to discuss all the opportunities in our local market. This is a professional’s market.
Oh, by the way… I’m never too busy for your referrals.
Sources: Wall Street Journal / Moody’s Economy.com / RealtyTrac / NAR / Forbes
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