****STEP BACK IN GREED*****
I have been holding this back, but I think the time has come to try to make sense out of this market????? Other then "the subprime" New speculators on forclosed properties are bringing the aura of greed back into the market....................There are a lot of reasons the housing market went into a huge slump. As with any cataclysmic downturn in anyone's memory. But if you had to put your finger on just one thing, you could jab into the time-tested idea of greed.
Buyers wanted more house than they could afford. Sellers wanted buyer wars and quick sales. Homeowners wanted to extract equity to pay off debts or build larger homes. Speculators wanted a run-up in prices. Builders, land developers, trade contractors and others wanted to take increased profits and higher returns on investment. Lenders wanted to sell more loans. Mortgage markets wanted to play in the high-stakes, high-yield game of risky mortgages.
At every step we had a bit of greed driving us, and it is dismaying to see the same force come back into the market. On every news show, in every real-estate sections in the newspaper you will find experts explaining how to buy foreclosed properties and the financial benefits (as well as danger) of speculating on suck properties. Horror stories out there, I will speak to anyone and explain some I have heard first hand, some from mortgage people, many from agents in all different states.
Apparently, we didn't learn anything.
This is the housing market, but speculators are trying to take the same elevator ride they did with the dot.coms or commodities. The speculators are on this ride at a price they think is low, and they get off when they think its topped out. They don't really care about this ride at all, other than its a vehicle for them to maximize their investment. Do you really want housing dealt with in the same way we do commodities?
The effect is we end up commoditifying something that has an essential value in our lives, a value that extends well beyond financial well-being to psychic and physical well-being.
So, what do we do? The only solution is to avoid our own greed and not take profits. Maintain an even control of our own pricing, not try to do our own profit taking. Take greed out of the equation and remember our builders, build houses that will last for years, not the length of an elevator ride.
Regards remember those days!
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