This week I read an interesting article from ‘Money Insider’ exposing the careless pie-in-the-sky words of many economic commentators. There are too few voices of reason out there. With the number of bank owned properties flooding the market and strategic defaults looming ahead, Michael David White, CEO of The New Mortgage Company, is one voice in the wilderness. To read for yourself go to:
As a small business owner of a heretofore successful real estate company, the tax-and-spend policies of Washington are the iceberg too big to sail around. And while we’ve done a good job of cutting expenses, throwing non-critical marketing and office space overboard (depriving our vendors and landlord of our previous reliable business) and cutting back on staff, the expiration of the Bush Tax Cuts is the hole in our lifeboat.
The majority of our 2010 sales to date have been cash or very high cash-to-loan transactions, with clients choosing to park their savings in a tangible asset, even one still declining in value. It speaks volumes of an ultimate lack of consumer confidence.
The Fall used to be our best selling season because it’s when our little Arizona mountain town is its prettiest and the temperature most comfortable. Based on pending sales, this Fall appears to promise another wait-and-see-what-the-election-brings season. One can only hope for a clear signal to end the hope-and-change redistribution of wealth Washington policies that are taking this nation down.
"Buy land. They’re not making any more of the stuff." – Will Rogers