I went to a UCLA alumni event last night. Professor Stuart Gabriel with the Anderson Forecast spoke about the economy. Though I respect the Professor Stuart Gabriel and believe he has a good understanding of the statistics and some of the policies that are inane. I disagree with his overly negative outlook. I’m having the best year in real estate ever. Everyone of my listings is getting multiple offers and selling for about recent 6mth highs. When I’m buying whether here in the bay area or in Riverside County, I’m competing against 10-30 other bidders. I’m very bullish about 2010 and beyond.
During the go-go housing bubble. I was always the guy telling people are you sure you want to do this, but today I’m very confident that tomorrow will be better and that housing is on the upswing. I really wish the Obama administration would stop interfering with the free market and to let the invisible hand do what it does best.
I do heartily agree with Professor Stuart Gabriel that the government should stop pushing the American Dream of home ownership. Home ownership is not for everyone and clearly if all these people who bought 5 years ago hadn’t bought, they’d be better off today.
I also agree with him that FHA lending is too lax. FHA is the new subprime loan, and “frankly my dear”, we don’t need another set of buyers with no skin in the game, and who’ve demonstrated they can’t save money for a down payment. And yes, pricing will drop further without FHA, but why give loan a which will fail anyway and the cost will fall on the American Taxpayer (more specifically those of us that actually pay taxes).
I love President Obama, but delaying foreclosures, pushing home ownership and healthcare for all go against the free enterprise system that made this country so great. This is in no way an endorsement for the Republican Party. I left that camp when their most important issue became flag burning & Christianity.
SUNIL SETHI REAL ESTATE
Sunil Sethi / Broker, President, REALTOR, MBA, CPA / SUNIL SETHI REAL ESTATE
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