Watching British films, I've often heard a phrase, "Safe as houses." I heard it in Howard's End among others. The housing market may be rocky right now but a house isn't likely to curl up and disappear.
I've been watching the commentaries about the stock market's aftermath since the big S&P downgrade of American debt. The people who panicked and sold off at a loss are the big losers. Unless they're quite young, there's no way to recoup. I agree with the experts who say to hold and wait it out.
Meanwhile, most of my money is in houses -- and they're still there. Their prices might be lower than I would like, but I won't be wiped out. Even though there's some leveraging through mortgages, I didn't over-extend beyond what payments I can keep up with. I hope you don't either.
I'm not a financial expert by any means -- haven't made any fortunes. But even though I don't have a lot of money, my assets are still there through all this.
I just heard Jack Cafferty on CNN giving his opinion -- ranting about the politicians who are on vacation now through this stock market drop. I don't have much sympathy for those of them who caused this state of affairs due to their politicizing the country's financial crisis. But I do take exception to his criticism of President Obama who bore the terrible burden through these last weeks. He was under enormous pressure and still is. Mr. Cafferty, who I used to like, criticized him roundly for celebrating his 50th birthday at this time. I think our President deserves a break! He was, after all, live on TV today trying to reassure investors and the American people that our country's financial status is a lot better than the S&P downgrade would indicate. My opinion is that our President deserves some R&R -- he doesn't get much!
No houses selling just yet, but sooner or later they will. I'm impatient but not panicking!
Jean, Still in Maine
