I'm not going to go into it too deep with my opinion. I do want to point out however, that listening to President Bush talk about what COULD happen made me feel as though I had taken a trip with DOC and Marty in Back to the Future IV.
Bush said, "More banks could fail, including some in your community. The stock market would drop even more, which would reduce the value of your retirement account. The value of your home could plummet. Foreclosures would rise dramatically and if you own a business or a farm you would find it harder and more expensive to get credit and ultimately our country could experience a long and painful recession."
I don't know about the rest of you, but it sure seems to me like we should have heard this exact speech well over a year ago!
- Banks could fail...CHECK
- Stock market could drop...CHECK
- THE VALUE OF YOUR HOME COULD PLUMMET...hahahaha BIG CHECK!
- Foreclosures would rise dramatically...no way!?!?...CHECK
- Business and farms would find it harder and more expensive to get credit...CHECK
- and finally...our country could experience a long and painful recession...I say...check!
President Bush did not mention why he delayed in addressing our economic issues, but I'm sure we can all come up with creative reasons why.
I think it's a GOOD thing that something is being done. Is it SUPER late? Yes. Is it too late? I don't think so. It is never too late to try and pick up the mess that has been made from the truck load of crap that hit the fan. Will it alleviate all economic issues? NOPE. Will people stop losing their homes to foreclosure? Not immediately and not enough people will be saved. IT WILL HELP.
The real estate market will be affected for quite some time as there is no immediate way to reverse what has happened over the past 3 years with property values, etc. You can call it starting from scratch for many people. Many of us are going through extreme financial hardships that will destroy our credit (if it hasn't already), we may lose our home, our investment properties. Heck, we may even lose our cars and even the shirt off our back.
This is a time to set priorities. Big time! If you have a family (especially kids), get your stuff in order. Learn to create a budget. And stick to it. If you have to give up your 2nd home, your car, or even your personal home and go rent, and you feel there is no other way out, do it now. It's better to start working on repairing your credit NOW than to be stuck in a bad situation when things start to get better for everyone else. Cut down on all those wants that probably take up a nice chunk of cash every month (HBO, all out everything plans on your cell phone, magazine subscriptions, the amazing, can't live without it DVR/tivo service, the world wide access 24/7 gym membership you haven't been to in years (but will start tomorrow), you get the point. There is an AMAZING speaker by the name of T. Harv Eker; who says "How you do anything, is how you do everything". Think about that. If you are in Florida in November or even if you weren't planning on it, consider doing so. Eker will be hosting a Millionaire Mind Intensive in Ft. Lauderdale. YOU MUST SEE THIS GUY IN ACTION. I am attaching a link where you can register for the seminar for FREE!
This seminar costs well over $2500 to attend and you WILL bump into people there who paid the full amount and not only that, some of them also paid to travel from other countries to attend. It will change your life. Guaranteed! Here is the link: Watch the video and judge for yourself: http://www.secretsofthemillionairemind.com/a/?wid=150497
I know I veered off subject a little, but we need to help each other all we can since no one else is.
For the regular real estate agents reading this, you should already see that the foreclosure market will not be slowing down any time soon. This is the time to get involved with short sales and help as many people as you can to avoid foreclosure. A short sale can make all the difference in the world for an owner in distress. If you have not already began learning all you can about short sales...What are you waiting for?
At the very least, sign up for a FREE eNewsletter about Short Sales and negotiating. Just click the link http://www.shortsalesforrealestateagents.com/ and type in your name and email address. It literally take 5 seconds of your time. Don't delay, unless you don't mind giving business away and not learning about a technique that could help thousands.
Best of luck to all and STAY PRODUCTIVE,
Carlos
