This time of the year we all start reflecting where we have been and start to peek around the corner to see if we can see what might be ahead in the coming months. The way I see 2009 was the year of "fasten your seatbelt, there is turbulence ahead." 2010 has the promise of being the year of "The Captain has turned off the fasten seatbelt light and you are free to move around the cabin."
2009 was a tough year. For everyone I know the consensus is that the only thing to do during such turbulent times is to "fasten your seat belt" and hold on the best you can. And, that is how it went in 2009 - the market puckered up in a way that we have never seen before and we all strapped ourselves in and found our way to staying alive.
No question it was a wild ride. There were starts and stops in work flow, a constant stream of analysis about the state of the art of the market and the massive governmental intervention, seeming systematic changes in the residential real estate market, low rates, high unemployment, a full scale recession. range wars in Washington and the fall out from all the above those of us in the trenches experienced every day.
There are a lot of economic indictors that suggest that the worst is over and we are onto better days ahead. In my view the governmental actions in the past year have targeted residential values. If you look at TARP, the allegations of the Stimulus, some of the programs inside the Stimulus including the Tax Credit for First Time Buyers, the actions by Treasury in the bond market and the low rates that resulted the central issue is stabilizing residential values.
When 2010 is over the hope is that this promise of being free to move around the cabin has been the experience for all of us. All I can is that this economy and the people in it are tough, smart and resilient. Whatever happens this year there is little doubt that we will all persevere.
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