Kathy’s real estate posts for December 1, 2008:
December 1st officially heralds the holiday season for me. I know many people decorate in advance so they can switch the lights on beginning Thanksgiving night, but I prefer to wait until December – often just two weeks before Christmas.
It appears that more government regulation of today’s economy may be in our future, as well. Like FDR, President-Elect Barack Obama is promoting the same type of work performed by the Works Progress Administration – shoring up some of our crumbling infrastructure, building schools, power plants, and energy-efficient homes.
In other real estate news, my colleague Miranda at Banks.com wrote about how the Bush Administration was warned well in advance about the coming mortgage meltdown. They did nothing.
Apparently, there were attempts to warn the President and other top policymakers about the danger of exotic home mortgage loans. Banks were also supposedly warned. However, despite the warnings in 2005, final 2006 rules included no requirements that might have limited the effects of the mortgage market crisis. (Nothing could have prevented it altogether at that point.)
I try not to get political here, but I will say that it becomes more apparent every day that change really is needed to get this beautiful country back on course.
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