One thing about surviving twenty-seven years as a real estate broker and salesperson is the skill to think ahead, to look down the road if you will. Nothing happens overnight in real estate, except sales or projects often months in the planning.
For years I have shared with you that the economy can't recover until housing recovers, and neither will recover until the job market recovers. While planning ahead, it became obvious that the solutions offered by the progressive Obama administration would hinder not help an economic recovery.
After five plus years and literally trillions of dollars spent by Obama on housing (Hamp, Harp, Tarp, Stimulus) and the never has worked before in history Fed QE, Twist, and ZIRP keeping mortgage interest rates at the lowest since Bess Truman fetched the haberdasher's hat before leaving the house, this is the best we get?
The worst jobs record of any recovery in history, the lowest workforce participation rate, falling wages, decimated disposable incomes, perpetually high unemployment, and the longest stretch of sub 3% GDP growth since the Great Depression are the result of Obama's IEDs. Incendiary economic devices.
The latest excuse by economic pseudo-journalists is the weather. After all, this is the first winter on record. When retail sales fell unexpectedly in January, and December retail sales were revised downward from positive to negative, it was due to the weather.
If the weather was the culprit for declining January retail sales, as the wizards of smart at Bloomberg, CNBC, CNN claimed, why did on-line sales decline the most? Did it snow in your computer? Just another example of progressive media continuing to cover for a failing Obama economic agenda.
Then along comes builder confidence dropping the most in one month on record to below 50, and voila, the weather is to blame again. I guess home builders realized you could only run a business on hope and change for so long. New construction remains mired in recessionary levels, but you would never know that from the pseudos.
Now come the housing starts and building permits to confirm why builder confidence sank faster than an Iranian speed boat attacking a US Warship. Starts plunged the most in three years and permits were off by the most in seven months. Predictably the pseudo's blame the weather. Those darned builders in the Northeast just discovered winter arrives in December?