Having the distinction of living and working in Nevada - the state with the Highest Foreclosure Rate - I understand that it takes more than interest rates to promote recovery. In Northern Nevada we completely lost 99% of the construction trade ... all those jobs gone! It's taken a heavy toll.
Do real estate agents ever irritate you? I'm one and some of them sometime irritate me.
Particularly with that incessant this is a good time to buy houses theme. THAT statement is so much a "depends" statement not a blanket statement. Sometimes renting is a good idea, sometimes staying put is a good idea, and sometimes you CAN'T buy a house. President Clinton in his campaign the first time said it's the economy stupid.
Now to those REALTORS that irritate me
It's The Jobs Stupid.
Or mainly lack thereof.
Despite the early morning Friday Labor Department report of June adding only a net of 18,000 jobs and the unemployment rate in the U.S. nudging back up to 9.2% all you have to do is TALK TO PEOPLE to learn about the weak U.S. economy. It will get better ~ SOME DAY. But it is weak now, and to my REALTOR friends that remind everyone how LOW interest rates are, I say it DOES NOT MATTER if you don't have a job and you have been looking for a year. WAKE UP !!!
With NASA's last space shuttle launching, more NASA layoffs of rocket scientists soon to be turned into burger flippers July 22nd loom. A bartender lady I know struggled mightily with the lender even with good credit to close on a house. Even many government workers in federal, state, and local positions are being cut due to tighter budgets. And THOSE were the secure jobs if anything is secure.
The point here is be sympathetic to those who are not the corporate CEO's flush on cash and sitting on a pile of dough. EVERYONE is not in those shoes. Be sensitive to each individual and where they are right now in this economic journey. Hopefully with better policies to create more jobs with incentives for business and "certainty" for what looks like the future the next two to four years we will work our way out of this.
Know that it IS the jobs stupid, and don't YOU be stupid!