Friday, November 7, 2008

Richard Gaylord, Part II

Dick Gaylord, REMAX Realtor / 2008 NAR President
(Part I)
thanks ArtLatin

Here's a little going away speech from Dick Gaylord. It's about fishing.... errrrr... real estate... errrrr... fishing... Well, it's about something.

Exactly why is the NAR going to fight the reduction in the FHA loan limit? People CANNOT afford those prices. The prices MUST, and will, come down.

Dick, real estate is going to be dead for a long, long time.

And he says we need a third economic stimulus bill to help the economy. Here is what I think we need:
- a return to traditional (ie non-fraudulent) lending standards
- improvement in our nationwide production capacity with jobs creation
- reduction in dependency on foreign consumer-goods
- elimination of the self-entitlement attitude
- stop the wallstreet criminals
- return to the gold standard?
- elimination of the fed?
I'm sure this isn't all it'll take, but it's a start.

2008-11-07: Challenging Market Focus Of Speech
You can’t catch any fish if you don’t go fishing. Sometimes you just catch little fish, sometimes you don’t catch any fish, but sometimes you catch a big fish. You can’t do that if you’re not fishing.”

Gaylord talked about the lobbying power of the 1.3 million-member NAR, pointing out that the group was instrumental in getting a housing component into the economic incentive package. One of the largest changes was increasing the limit the FHA would loan to $729,000, up from less than $500,000. That limit is set to go back down to $625,000 next year, and the NAR is fighting to avoid that drop, Gaylord said.

We have to remember, and remind our leaders, that real estate is what is going to bring this economy back. We need a third economic stimulus bill to get money to lenders. And we have to work to make that happen.”

3 comments:

Hobo said...

I couldn't believe it when the FHA limit for Salt Lake City, UT went to the max of $729,750. This is a town where the median household income is around $45,000 and median "wishing price" for a house is around $275,000. How does the FHA come up with these numbers?

ArtLatin said...

“There’s no such thing as a bad market,” Gaylord declared. “It’s just a matter of pricing property properly.”


Is he on crack? No such thing as a bad market!! Tell that to all the people who bought at the peak and are upside down. Oh! I forgot he doesn't care about the consumer. He only cares about the commission driven realtards.

Tyrone said...

A bad housing market is only an appetizer in this growing financial hurricane. Here is just a small sampling of news for TODAY!

Intel slashes 4Q outlook on dimming PC demand

Failure of auto industry could set off catastrophe
(aren't we already there?)

Morgan Stanley unveils job cuts

Rental car shares drop on Avis, Hertz downgrades

J. Crew shares sink lower on downgrade

Best Buy cuts fiscal 2009 profit outlook

American Express shares plunge on bailout report

I'm finding myself shifting from research in housing to reseach into capital preservation. And I'm not a gambler, but I'm trying to identify a place to make money over the next 12 months, assuming the US dollar doesn't collapse into oblivion.