A year ago, her business was evenly split between home- purchase loans and refinancings that reduce interest rates on existing mortgages. That’s changed as a slowing U.S. economy curtails buying demand and encourages current owners to save cash by locking in near-record-low borrowing costs, she said.
“People are deciding to stay in place until the economy turns around,” Haenner said. “That same concern for the economy is causing buyers to take a wait-and-see attitude.”
This is stupid.
Look folks, when economic stress is high your best defense is to be nimble. That means being able to pick up and move if you have to for economic reasons.
During the Depression, even in a time of 25% unemployment, three-quarters of the people had jobs.
During the 08/09 time period there were jobs available, and there are today. There may not be jobs available in your town, but there are jobs.
In a time when your ability and willingness to labor may not match with demand for labor where you are today, being tied to real estate is a major impediment to your survival, say much less “financial success.” You’re far better off being able to blow off where you are and go somewhere else – mobility is a huge asset.
This of course goes counter to the entire “housing industry” and the BS paraded by Bush and others about the “American Dream.” That harkening to a bygone era where most people lived in the country and could literally live off their land – farming for food in the raising of edibles of various sorts, from grains to protein, is now only practiced by a tiny minority of the population. Anyone living in a city literally can’t do this, despite desire or ability, simply due to population density.
Face facts folks – the best asset one has in tough economic times is versatility. I’ve faced it myself; I have moved for economic reasons. There was a time when I was literally $100 from being economically bust – literally on the last $100 I possessed in the world. I found a job hundreds of miles away and immediately packed up my crap and moved there, rented an apartment, and in doing so saved myself from otherwise-certain destitution!
Don’t listen to the idiots in the media. They’re not interested in “community stability” as they claim — they want serfs. Your best asset is being able to take your abilities, whatever they may be, to where someone has demand for those abilities and will exchange purchasing power (in the form of a paycheck) for your ability to produce something for them, whether tangible or intangible.