VOX POP

Many years ago, growing up in Detroit, Michigan, the old "Detroit Free Press" had a column headed. vox pop, short for vox populi, the voice of the people. Significant at the moment for the fair state of Massachusetts has just spoken, and expressed their unhappiness with Washington, Obama, and business as usual politics. And it's about time. Imagine if you owned a business and had hired someone with no experience to run it for you. After a year of fumbling and bumbling would you be surprised to discover you business was in danger of collapse? That's where we are. The electorate was sold a bill of goods, bought it, and now is suffering the consequence of a very ill-advised choice. First Virginia, then New Jersey, and now Massachusetts have all awakened and sensing the danger of a novice at the controls have started the process of disengagement. There will be more, and none too soon.

On a business front, real estate continues in a slump, prices are still not stable, and foreclosures are at a high level, partially because of the underlying problem of shrinking asset value, mainly because of the economy in the tank and a very tepid job market. We have just published three new web sites aimed at helping people in distress mortgage circumstances. The first is offering a free mortgage help booklet designed to inform people of their options. First we were going to try to sell the thing, but it seemed better to give it away. Click here for that one. Second is a simple site for people thinking of a strategic foreclosure to escape an "underwater mortgage". Click here for that one, and finally a site for free referral to an experienced foreclosure attorney. We think selecting legal counsel at the instant mortgage trouble looms is the only sensible response to the threat of losing your home and the prospect of financial devastation. The yellow pages is not a reliable way to select an expert. That site can be accessed here.
Home prices continue to be strongly influenced by the sale of distressed properties, and because interest rates continue to be very low, many of those properties are attracting multiple offers. Don't be deluded into believing that multiple offers for these properties indicate a burgeoning demand. Not so. Simply bargain hunters at work and not a legitimate picture of increasing demand. The latest issue of our Real Estate Magazine reports the experience of one broker who almost breathlessly states one of his clients has submitted 12 different offers on 12 different properties and hasn't been successfulon any of them, suggesting that the market is "hot" I guess. Actually it indicates he has a fool for a client who insists on trying to buy property for something like half its actual value. This behavior is not a reflection of the market, simply an indication that not all brokers are intelligently selective in choosing clients to serve, but it sounds impressive. If you're serious about buying, a good broker will do a thorough market analysis, suggest a probable range for your offer, and if you listen, you'll wind up with house. If you ignore the advice and try to steal the house, you won't get it, and if you really have a good broker, you will be looking for another one for your next try.

As usual
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