WHEN ARE WE GOING TO GET IT!

I have been reporting for the past three years that the mortgage crisis has been driven by unemployment and underemployment. Now the geniuses in the main street media and the Government are suddenly reporting that the mortgage crisis is employment driven.  Does this frighten you? It should? These are the people we are expecting us to lead us out of the great recession or the depression, whatever nomenclature you wish to use to describe it.

Here is a sample of the light bulb coming on in the main stream media.  The reality of the situation is that housing prices are going to continue to retreat until two things start happening. First, employment must improve and not jobs like working at McDonalds, unless you are expecting people to work a 120 hour work week.  Second, the already bloated and growing inventory of foreclosure and pre-foreclosure residential and commercial real estate must be liquidated by the lenders or owners.

Until the inventory is sold and the prices become commensurate to the current market conditions, grid lock will continue. Their has never been a better time to buy distressed real estate in the last fifty years. What are you waiting for?