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Housing the Redheaded Stepchild during Debates

The opinions expressed by columnists are their own and do not necessarily represent the views of

How about all those solutions to the housing crisis put forward by Obama and Romney during the debates?

We actually should celebrate because there are no proposals. It was government manipulation of credit markets, social engineering, and GSE’s Fannie and Freddie that caused the housing collapse. The solutions implemented by the Obama administration only prove Reagan correct; the more the plans fail, the more the planners plan.

Had the housing market been left alone to self-correct we could be well on the way to recovery. Not to be when the central planners and the central bankers have their arms up to their shoulders into the housing business.

Tax credits for first time buyers, then expanded to move up buyers was the housing markets cash for clunkers moment. Rapid activity followed by a slump.

The question becomes what should we do, what is the solution to the housing market crisis?

Time for an adult conversation; it is what it is. Time to pay for the politician’s folly. Allow the market to self-correct and start by repealing the Dodd Frank law that has the wheels of the mortgage industry grinding to a halt under unnecessary compliance requirements, ridiculous lending guidelines, and punishment to lenders and appraisers for making bad loans or appraisals.

Order banks to release the shadow inventory of millions of homes being held back from the market. Yes that will drive down prices, however only until the inventory is absorbed. What good does it do to hold back inventory when millions more foreclosures are in the pipeline and millions more homeowners are ninety days or more delinquent?

Won’t that favor the investment class? Yes, people with money big or small who are prudent stewards of their finances will get the buys of a century. So what? Better than the taxpayer remaining on the hook.

Think of what Bernanke is doing to the dollar with his Twisting, QEternity, and printing presses. Businesses are sitting on $1.4 trillion why? They see financial Armageddon approaching; hyperinflation, fiscal cliff, Obamacare, and danger to their business if Obama gets reelected.   

The same is true for housing as the dollar, both are mirages. There is no recovery in housing any more than QE3 is creating jobs. It will take the thinning of the money supply to restore the value of the dollar, and it will take the thinning of the housing inventory to restore home values.

Time for the pain, the sooner we start, the faster we finish.

In deference to Romney he has proposed a solution to the housing market during the debates, a growth economy and twelve million jobs in four years. Jobs were, are, and will be the cure to the housing market. Jobs equals buyers, equals sales, equals a lower inventory of homes for sale, restoring stability and balance in the market.

A tip for Romney when Obama again and again lies about his 47% comment taken out of context; quote the following from the great American Philosopher George Carlin who effectively sums up Obama’s welfare state, economic agenda, and tax the rich solutions:

The real problem with our governmental system:

The folks, who are getting free crap, don’t like the folks who are paying for the free crap, because the people, who are paying for the free crap, can no longer afford to pay for both the free crap and their own crap.

And, the folks who are paying for the free crap want the free crap to stop. And the folks, who are getting the free crap, want even more free crap on top of the free crap they’re getting already.

Now the people who are forcing people to pay for the free crap, have told the people who are receiving the free crap that the people who are paying for the free crap, are being mean, prejudiced, and racist.

So the people getting the free crap have been convinced they need to hate the people who are paying for the free crap because they are selfish. And they are promised more free crap if they will vote for the people who force the people who pay for the free crap to give them more free crap. And that’s the straight crap.

Thank you George Carlin. Of course I substituted crap for the word George actually used.

The opinions expressed here are solely those of Fritz Pfister or identified sources, and not necessarily those of RE/MAX Professionals of Springfield or RE/MAX


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