Real Estate--Doom and Gloom or a Land Rush?

The new game in town is doom and gloom. All the visual media--cable, broadcast tv, etc.--have been into it for months now. It's a new way to report the same old stories and yet get people excited(nervous). Now the NY Times is joining the band! Let's not fall for all of this. Yes the housing market is in the crapper. But one man's trash is another man's gold. In the New York market where I work as an appraiser and agent(Queens and Nassau Counties) investors have been extremely active. Some people call them "house flippers". They perceive real value at these prices. And this type of real estate investor provides real value. They buy neglected homes, fix them up so that they virtually become the best house on the block and resell them at fair prices. If you want to create stability this is one way to do it. This is the market at work despite the politicians.
Stability can be created at these levels. Outstanding mortgages can be refinanced--with subsidized closing costs--by extending maturities. Forty year mortgages have been around for a long time. The Japanese have 100 year mortgages available because housing costs are prohibitive. Temporary programs should be developed to extend mortgage maturities in 10 year increments up to 100 years. Home owners don't want to walk away from their homes! People have to live somewhere. If monthly payments were equal to rental rates banks would not have to worry about strategic defaults. Stop playing games!!! Contact your elected officials at all levels and tell them to get off their butts and act like decent human beings or THEY will be the ones looking for a new place to live(and work).
By the way, if you are looking for a good deal on a home to live in and for investment, drop me a line. IT'S A GREAT TIME TO BUY!!!