Rescue Me….Coz I Need You By My Side…

As Aretha Franklin put it, it appears as though big business needs the government by it’s side to succeed, even to survive. Well, the House and the Senate passed the President’s 700 Billion Dollar “rescue” package this week. It’s bad tasting medicine, but I believe we need to swallow it anyway if we want to get well. The question is, how soon can we expect to feel better? Some economists say it will take a year before the people on Main Street feel the relief. As it pertains to the real estate market, my hope is the act will have at least a psychological effect before that, and we will see some loosening of mortgage money and ultimately, home sales. Richard Gaylord, President of the National Association of Realtors recently said,  “This legislation would quickly restore liquidity to the mortgage market, which would stabilize the housing market and protect homeowners. Mortgages as well as personal and small business loans would become more available and less costly. Protecting Main Street not only benefits individuals, families and communities, but also supports the larger U.S. economy.” I hope his assessment is right.

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