President Obama gave his first official address to a joint session of Congress last night. I, much like many others, blocked aside time to watch President Obama address the nation, and more specifically, address the state of the overall health of our economy in general.
President Obama understandably focused the majority of his speech on the economy—the issue that is on the minds of every citizen of this great country. He laid out an economic recovery plan that was large in scope and complex in nature; an aggressive plan that has the hopes of a nation riding on it. After listening to his speech and subsequent rebuttal by Gov. Bobby Jindal (R), I am fairly certain of one thing- I firmly believe that the housing and Real Estate industry will help lead the United States out of its current recession.
The Real Estate industry saw its downturn hit roughly 2-2.5 years before we saw a downturn in the overall economy; our industry is now about 4 years into its downturn. Thankfully, there seem to be some signs of life in the marketplace in 2009.
First-time homebuyers, and home buyers in general, seem to be out in much greater numbers. Prices have adjusted, and many purchasers who were priced out of the market 3-5 years ago are now able to purchase a home, and in many cases, for equal or less than what they would be paying in monthly rent. As consumers begin to move back into purchasing Real Estate, it should percolate throughout the overall economy, and in time, begin to forge a path to recovery. This is obviously an oversimplification of an issue that is both multi-faceted and complex in nature, but I believe the underlying principles are sound.
I am energized about 2009 and excited for the possibilities and hope that Real Estate brings to so many. Here is to an interesting, and exciting, 2009 in Real Estate.