BOA CEO says some owners should not look at a home as an asset - blames low population growth

Reblogger Wallace S. Gibson, CPM
Property Manager with Gibson Management Group, Ltd.

 

While I agree that the MIGRATION of population is certainly happening * from BLUE to RED states, I suspect the LACK of Growth is more BECAUSE of the economy and the uncertainty

 

Original content by Dave Halpern

Bank of America has revealed the astonishing truth about what is holding back the housing recovery. Low population growth! The population isn't growing as fast as it did in the post World Wars I and II era.

It is truly amazing how BOA finally found the smoking gun.

I wasn't there when announcement was made, but some of these people were:

MSNBC: http://www.msnbc.msn.com/id/42556230/ns/business-real_estate/

Wall Street Journal: http://onespot.wsj.com/realestate/2011/04/12/d0af8/bofa-ceo-owners-shouldnt-look-at-home-as

Huffington Post: http://www.huffingtonpost.com/2011/04/12/bofa-ceo-moynihan-some-pe_n_848312.html

 

 

 

Dave Halpern

Real Estate Broker, Louisville Short Sale Expert Realtors

(502) 664-7827

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Rainmaker
354,838
Dale Terry
Yadkinville, NC

Actually there is a grain of truth to this.  Many illegals have left the country and also left thousands of homes sitting vacant.  There are probably millions of homes sitting vacant because no one can afford to either purchase them or even rent them.  But to try to get more population growth just to become a bank customer isn't the way to go. 

Apr 19, 2011 11:40 PM #1
Rainmaker
1,275,544
Wallace S. Gibson, CPM
Gibson Management Group, Ltd. - Charlottesville, VA
LandlordWhisperer

VERY TRUE * Few realize that the Apple area of NoVA/Winchester area has plenty of these VACANT immigrant houses as they have LEFT THE COUNTRY

Apr 20, 2011 12:19 AM #2
Rainmaker
565,760
Mike Saunders
Lanier Partners - Athens, GA

I have also seen this stated a bit differently. The portion of the population that is growing is the minority population which is not generally the "home ownership" part of the demographics. But then there was some comments about racism towards whoever said this.

Apr 20, 2011 02:53 AM #3
Rainmaker
526,210
Dave Halpern
Keller Williams Realty Louisville East (502) 664-7827 - Louisville, KY
Louisville Short Sale Expert

Wallace, thanks for the reblog.

Businesses, employers and employees are fleeing highly taxed states, which will decrease tax revenue, which will cause increased taxes on those who are left, which will cause more flight.

Quite a merry go round.

Apr 20, 2011 10:24 AM #4
Rainer
1,756,848
Conrad Allen
Re/Max Professional Associates - Webster, MA
Webster, Ma, Realtor

The population is still growing faster than we are building housing units.

Apr 20, 2011 11:46 AM #5
Rainmaker
344,530
Yolanda Hoversten
Berkshire Hathaway HomeServices Elite Properties - O'Fallon, IL
Broker - O Fallon, IL Real Estate

Caterpillar is considering leaving Illinois due to the recent tax increase.  If this happens, people will follow suit, and move to where the jobs are, thereby decreasing the population of the highly taxed state.  Moynihan didn't address that aspect.

Apr 20, 2011 03:35 PM #6
Rainmaker
1,275,544
Wallace S. Gibson, CPM
Gibson Management Group, Ltd. - Charlottesville, VA
LandlordWhisperer

People see MORE employment opportunities in RED states than are in BLUE states * Blue states won't have employers OR employees to tax and they will become TOTAL welfare states.....MORE fences, please!

Apr 21, 2011 12:17 AM #7
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Rainmaker
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