From the trenches: Had a luncheon today with a group of real estate agents.
Top comment, many are leaving the business, sick of the red tape, sick of the deceit and disgusted with trying to work with servicing agents and the complexity involved with putting anything on the table as a successful transaction. Several stated that caravans for inventory and sales have been diminished to the point of almost total stoppage as inventory quality is highly suspect by the mortgage service companies, that have practiced poor management and are now being found to be national perpetrators of fraud. Bottom line – when you hide the truth then the market ultimately adjusts and the element of transaction movement and commerce comes to a screeching halt. Furthermore, people who have made a life of a business become discouraged and seek out other opportunities – the market moves on, it does not wait. The industry is losing its sales force due to its inept greed and negligence in processing legal paperwork. Will it be fixed – maybe. Is there going to be a long time horizon for a housing recovery – more than likely. Will a large manufacturing base be destroyed by the non action of US political leaders as they wrestle with the whims of a continued denial for accountability by the FED and its collapsing fractional reserve system administered by the falsely sheltered investment banks. You bet – a great society has come to its knees as consumerism has been stretched to its limits. The middle class of the US will be destroyed and the wealth of the nation usurped by a small collective group of fiat capitalist – Years of sweat and labor will now be demanded for subsistence and survival with control established by more false wealth comprised entirely by fiat paper. What a farce, what a travesty, and ultimately who is to blame, the electorate has fallen prey to its acceptance and trust of government as a capable protector of the good of a nation. This market is going straight to the cellar right after the elections and the price of hard assets will soar to levels not ever seen before. So the real question is what do you really own – paper or hard assets. Make the move to hard assets now and then hedge your position for the coming manipulation and fraud by the central bank into the coming year.1 views