Lately I have been reading so many posts and articles about whose fault it was that bubble popped! There are cycles in our market that are beginning to facilitate change. We are turning the corner and slowly but surely we are on the way to the recovery we have been wishing, hoping and praying for! But yet there is a new wave of innuendo about who should shoulder the blame for what has happened. Then there are those who are throwing out things like, "We haven't learned anything!" "It's just going to happen all over again!" Well, there will always be bad guys out there to be sure. Those savvy types that are out for a buck without caring who they hurt to earn it. They can be found in the Mortgage lending industry, they can be found in Resale brokerages across the nation as well. But there has been such a crack down on appraisers, that the buddy buddy pal aspect of Bad Realtor hooks up with Bad Lender hooks up with crooked appraiser, is OVER!
Also, if a person has lost a home and had ANY emotional tie to that property, they don't want to go through that again. NOT NOW, NOT EVER! Now, does that mean that some people won't get in over their heads or that financially things could change making them unable to pay their mortgages, sure. Life goes through twists and turns of course. The important thing to remember is that it will not be intentional on the buyers part. That is critical! Not to mention with lending guidelines tightening so much, lenders don't have all the loop holes they had to squeeze bad loans through.
I have had the experience of working for new home builders in the past. Right now I am personally aware of two major builders in the greater Los Angeles area who are gearing up to open new communities in the Spring. Builders know the market probably better than most Realtors out there. They are the quintessential investor are they not? If they believe now is the time to get started again, surely we have gotten through the worst of this! The point I am making here is that media seems to sensationalize just about everything! We need to remain positively optimistic about the future of the housing market. It has driven our economy and it has also been a major cause of the recession. Now with light at the end of the tunnel, lets not go back to harping on who did what to who and bringing more doubt and negativity into the minds of those considering a purchase.
The market is a cycle but it ALWAYS bounces back! Anyone who is in a position to purchase "within their means" would be silly not to. People keep worrying about the market continuing to lose value. Well all I can say is that if homes are selling with multiple bids above asking price everyday and that anything that hits the market that is priced right and in decent shape doesn't last a week the idea of the market conitnuing to go down isn't based in the reality of what is happening right now. Of course I am writing about LA County. I know the market is different everywhere. But here, we are seeing evidence of recovery now!
Fault finding isn't going to get us what we all want and need! We need to focus on positive now and on our future. Let's learn from what has happened and NEVER repeat our past mistakes! But also let's be grateful that we have a chance to start over and to do things right this time around!
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