The Folly of the So-Called Real Estate Recovery

Written By Gary Spirer Published December 7th, 2009

There will be no true recovery of the housing market until:

  1. Step 1. People realize a home is not an asset. An asset generates income whether you work or not. A home does not create current income.
  2. Step 2. Home prices adjust to an equivalent historical rent level. The house price to rent ratios are still adjusting.
  3. Step 3. The government stops fueling the same bubble mentality with artificially low rates and still too low down payments.
  4. Step 4. There is a realization that many more home owners have not listed their homes but want to sell. This side-line supply will be dumped on the market when there is any sign of “recovery”.

What a home is not is:

  1. An asset
  2. An entitlement
  3. A trading chip
  4. An easy path to wealth

The government continues to fuel a borrow and spend mentality. The markets should be left to find its natural bottom.
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