How to fix real estate
By James Wedgeworth on August 31st, 2009Most everyone would agree that there the one thing wrong with our economy is real estate. Real estate has a snowball effect on the rest of the economy; when property values decrease people default on their loans, banks have big losses, the real estate market slows down, builders, remodelers, home inspectors, appraisers, real estate attorneys and Realtors go out of business. More homes go into foreclosure because of all of this.
If you fix real estate, I truly believe that it will help get the economy back on its feet.
The cash for clunkers was very successful because it got people in the showroom and it got cars sold.
If you gave a tax credit of $15,000 to anyone who buys a home – whether it is a first home, second home, beach home, lake home or mountain home, I believe the real estate market would get a great boost. There was the bill passed for first time home buyers which helped the low end of the market. Unfortunately, the whole market is sick – not just the low end.
I believe everyone would benefit if you could stimulate the real estate market.
I encourage all my friends and clients to write their Congressman. I truly believe if you can solve the housing market you can solve the other problems connected with it and we will be on the road to recovery. We did not get here overnight and we are not going to get out of it overnight.



I suggested to The Fed Chief, Treasury Secretary and Congress a year ago that any home buyer should get a 10% tax credit up to $15,000 so I am in total agreement.
To further stabilze the market, I would add that second home buyers should get the same 10% but with a $20,000 maximum credit.
Nothing will stabilize the economy more than a strong housing foundation.
I feel like it’s time for a real estate joke, The house was more covered with mortgages than with paint.