Dear Mr. Future President…August 31, 2008
As the housing industry goes…so goes the economy. This is important to remember.
More than half of all Americans think that with the election of a new President we will see an improvement in the housing industry. I tend to agree. Why? Because it can’t get any worse and no one, at this stage of the election process, seems to be willing to take a stand on housing and the economy. So yes…with a new President should come SOME relief from our housing crisis. But how will he do it?
Most Americans still believe in the dream of home ownership. Most, however, feel that they are going to be shut out of the market due to either their inability to get a loan, lack of down payment, or unrealistic housing prices. Mr. Future President, you have a problem.
For too long we have ignored what some refer to as our housing tsunami which has created a serious economic crisis for America. Interestingly, it’s going to start to have a ripple effect throughout the world soon. Someone, specifically our new President and our elected representatives have to start thinking of smart options to fix our housing crisis.
We have willing buyers and willing sellers but LENDERS are withdrawing in record numbers. Appraisers are afraid to assign any value to properties and the economy starts to tank. The federal government must step up and work with lenders to guarantee the loan process. For those who think the taxpayers should not “bail out” the housing market…think again. Without a housing rebound you may see the beginnings of a recession turn into something far worse.
Central Florida is starting to turn around. But it could just as easily slide back if we don’t find lenders willing to loan mortgage money to qualified buyers. Mr. Future President, think long and hard about today’s housing crisis. I think the future of our country and most certainly the success of your tenure will depend upon it.