Betrayal and Lack of Confidence. Ventura County Real Estate Doing’s for Week Ending October 17, 2008
October 19th, 2008 Categories: Weekly Real Estate Activity In Ventura County
As mentioned last week it looks like the institutions(Congress, The Administration and Judiciary System) have betrayed the American public.
Fannie Mae and Freddie Mac should never have occurred.
Congress, The Administration and the Judiciary System fell asleep at the switch. Today it can be said that the American public lacks confidence in these institutions.
The public is looking through a window at the rain and wondering when it will let up.
Which suggests another point. The American public has betrayed itself. We listen to all the free things the politicians say we are going to get. We don’t care who pays for it as long as it is not us. It doesn’t register in most peoples minds it is they that will have to do the paying.
More dismaying is the Socialistic talk that has surfaced regarding the re-distribution of wealth and doing away with our Capitalistic form. People talk and think that up to 70% or more should be taken away from the rich and re-distributed to the poor. The rich are defined as anyone making over $ 250,000 per year. Once we go this route the rich will be re-defined as those making over $ 50,000.
We have lost our character. It is a crazy world.
There is also the under lining thinking that Washington (or any State capital and local political entities) would be best to guide the economy and future development. That is scary.
National Real Estate.
Based on the chart of areas that I keep tabs on (see below) it appears that real estate is still doing well and California has begun its’ swing upward. It is not going to be a thunderous up-swing but a gentle looping trend upward for the next year or so and then watch out.
Chico, San Luis Obispo, Santa Barbara (including Santa Maria) and Ventura/Santa Paula appear to be areas that will witness the greater appreciation over the next 36 months.
Ventura County Real Estate
Sales tailed off over the last week; listings continue to decrease; the variance between list and sales price was higher due to large discounts of beach properties.
Of greater concern is the fact that unemployment approximates 7%; and lenders are reneging on approved loans. There appears to a lot of mortgage monies but the lenders are tightening lending requirements. This will continue for some period until confidence builds up in the economy.
People are controlling expenses and if done to the extreme this will send the economy south (recession and possibly a depression).
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