Do you remember Bill Clinton and what the meaning of the word "is" is?
Well, today in Washington we have announced that while the economic "recovery" is underway the economy itself has not yet recovered.
In fact, Mr. Obama says the economy "has a long way to go to fully recover" from the financial trials and tribulations of the last few years.
Let's be real.
The only thing propping up the U.S. economy right now is Mr. Bernanke's balance sheet at the Fed. Right now the amount of liabilities is $2.2 trillion and growing.
All the other news from the financial fronts is grim. Even yesterday's announced decline in new home sales spooked the market. I've been looking at the early numbers and it looks like it's going to be an awful Christmas for the retailers too.
So, simply put, when is a recovery recovering for real estate investors?
When national income rises in a real and sustainable way, free of accounting gimmicks and Mr. Bernanke's spending sprees. Because when people have more income they can afford to buy homes, carry mortgages, and go shopping.
Robert J. Abalos, Esq.