The DEATH OF SUBPRIME?

Kenosha home sales are down by 28% over last year. Kenosha real estate sales have softened. You can buy a home in Kenosha for pennies on the dollar. Ralph Nudi is the foreclosure expert in Kenosha, WI. You can by under priced homes in Kenosha County by working with Ralph Nudi. Call Ralph Nudi for more information at (262) 997-0668. Ralph Nudi is a Realtor and Co-Owner of Weichert, Realtors - Unum Properties.

The USA TODAY had several articles on March 15 calling for government intervention of the subprime mortgage lending industry. My only question is WHY?

The recent turn of events proves one thing...Capitalism Works!

The evil mortgage industry and the housing industry kept the US economy going when every thing else was dying. Now the industry is being demonized by the press.

We are in for a bumpy ride in this industry. When the TECH HEAVY stock market was going up with no end in sight, there were many late comers to the game who thought they were smart by buying stocks. The least intelligent among us could appear to be "Carnac the Magnificent" just by picking a tech stock. Eventually that bubble burst. Does anyone remember all the talk about the BILLIONS of dollars of wealth lost when the stock market went down, and peoples retirement accounts (401's etc) lost value?

During that time, those that were "house rich" had the booming real estate market as a consolation.  Real estate became the new "TECH STOCKS". As the psychology of any market, most people follow the crowd and as a result never experience true wealth. I would not be surprised to find many of the same fortune seekers that lost money in the tech sector are no loosing in real estate. This is the magic of capitalism, it is a survival of the fittest economy. Although we have a social responsibility to the impoverished, and to make sure basic human needs are met in this country, we are under no obligation to protect people from themselves. We are a nation of equal opportunity and not a nation of equal outcome. Yes it's true the wealthy tend to get wealthier, but that is a function of their superior understanding of how to create wealth.

Perhaps instead of pressing for government every time the masses decide to do something stupid, we should be pushing people to educate themselves more on how wealth is created and kept.

In the mean time, I will be working with investors who understand that the current is nothing but an opportunity to acquire property "on clearance" to later sell when real estate becomes the "in thing" to do again.

 

Ralph D. Nudi

Weichert, Realtors® - Unum Properties

www.RalphNudi.com

 

Ralph D. Nudi

CEO

Success Realtors

 

Comment balloon 4 commentsRalph Nudi • March 16 2007 01:29PM

Comments

Hey Ralph, Welcome to ActiveRain!!! Well you already know how I feel about all of this. I agree!!! Let the market make it's adjustments and we will be fine. Get big gov involved and we are in trouble.  
Posted by Bryant Tutas, Selling Florida one home at a time (Tutas Towne Realty, Inc and Garden Views Realty, LLC) over 10 years ago
I am pretty sure you and I are eye to eye on this subject so I just wanted to say that you have a lot to offer to the blogging community, keep it up!
Posted by Randal Keberlein (Weichert Realtors, Precision) over 10 years ago
Well said Ralph.  It amazes me that the subprime lenders were such angels a few years ago when they were helping so many buy the American Dream.  Now they are all scum for taking advantage of them.  Politicians can't resist to jump in and make it look like they can do something to help all those poor victims. 
Posted by Tim Maitski, Truth, Excellence and a Good Deal (Atlanta Communities Real Estate Brokerage) over 10 years ago

Tim,

Politicians spend too much time trying to look good and not enough time actually handling things that really matter. It's easy to domonize the nameless faceless "subprime lenders".  Personal responsibility and common sense can never be legislated

Posted by Ralph Nudi, "YOUR success IS our success" (Success Realtors) over 10 years ago

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