From where it began is to where it returns.
Residential real estate, once known as the bedrock of our communities, the pillar of stabilization is causing wide spread havoc with our financial system and our economy. It was local, went regional, spread national and grew globally. The crisis has come full circle as many real estate agents who once prospered are now forced to leave the business as their incomes have severely diminished.
We Want Our Government Cheese
“If you thought that the government bailout was limited to auto executives and fat cats on Wall Street think again”, said Ms. Nayber Hood Special-List, who sells Pasadena real estate. She is also spokeswoman for the newly formed group of real estate agents and office manager’s. The group formally known as “Neighborhood Interest’s Matter, Return Our Dignity” (NIMROD) is accepting members to rally and March on Washington. Their goal is to testify before a government sub committee and enlist congressional support for a bailout that would provide every one of their members a $225,000 payout.
“Once the sub-prime issues began to surface and a few of the congressman received their sweetheart loans, the real estate market begin to slow and houses quit selling” said Ima Clozr, a co-founding member. “Many of the agents in our association have no education and no corporate experience to look for another job. Heck, some who have been in the business for 30 years don’t even know how to turn on the computer. These people need financial assistance, where else are they going to find comparable income”?
In an email blast sent to its members, NIMROD requested that its members who own BMW’s, Lexus and Mercedes not drive these cars to Washington. Instead they recommended renting a US made vehicle and showing their support for the auto industry. It was not clearly known if this strategy would work as many of the emails from real estate agents go directly into the “junk” email folder.
Declining Foreclosure Activity
On of the concerns expressed by the NIMROD’s was the reduced number of expected foreclosure filings. The recent decision by Fannie Mae to suspend foreclosures until January 2009 was met with mixed results. “Fewer foreclosures translate into fewer bargains which mean fewer home sales, which is why we are seeking a bailout”, said NIMROD spokesperson Getta Minenow.
The NIMROD Association is expecting the “welcome” mat to be out and a very warm reception when they meet on Capitol Hill. After all, it is the Holiday Season and our government has been in a very giving mood lately.
About Doug Willis
I love it Doug. If you fly in your private jet to testify before Congress I pick you up at the airport and take you downtown in my new Bentley.
Bentley huh? I need to read more of your investing books.
You evoked a well appreciated laugh here, Doug. On the bright side, in my neck of the woods, so many realtors are bailing themselves out of the marketplace at year end – that there are less and less of us remaining to compete.