A very interesting blog about the current housing market and what may be the future for Atlanta's residential communities. It does not offer good solutions, only hard and difficult choices. Read more
I agree the problems are complex, and believe there is a second wave of foreclosures coming that will need to work through an already challenged financial system. The result will be even lower home values that will send ripples across our economy.
Governments massive “stimulus” support is untested and will extend the downturn even more for 2 reasons. 1. Unintended and conflicting consequences arising from their attempts to control the marketplace. 2. Government resources are in fact limited. There is NO amount of money that will “buy” our way out of these problems, without creating even bigger problems. The marketplace must ultimately work through this, with limited government intervention.
While much of what is happening with the mortgage crisis can be viewed as entirely negative, I think there is a tremendous upside. It is that families, which are the foundation for our society, will become stronger. The consolidation of families is already happening here, much like it has always been in Europe. The new norm will be to return to our basic moral and economic standards which this country was built on.
I for one look forward to the benefits of this crisis.
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