Government intervention into our
private lending institutions have
succeeded in turning our even bad
Real Estate Markets, worse.

Holdouts in Mortgage Lending Industry, has yet again turned our
real eatate markets into another direction.
  Selling residential real estate over 30 years makes me somewhat of
an "oldie" in the business.  With that marker comes experience through
many market types. I have sold homes during interest rates in the
14% range. Made it through the foreclosures and the development of
RTC and FDIC. Builders over valuing homes and demanding their self
owned mortgage companies make loans no working man could afford.
Those of us who have been around for awhile saw this very situation
happening. We recognize the ebbs and flow of our markets.
   Our greedy homebuilders pushed on head strong and forward,
with less and less quality and more and more higher pricing. Those
individuals who could afford to purchase were pushed beyond comfort
zones and budget limitations.  Bring on the granite, hardwood floors,
and gosh no home could be complete without your very own Media Room.
Emotional purchasers had no chance in that market. So hence,
downfall.
   Now, as a witness and worker during the last round of foreclosures
it with great experience I can say, this time, "Hang On," it ain't
over. The truth is, it is just beginning.
   Consider this, all those families who are and have been unable to
handle monthly mortgage payments have joined the group of renters
in our markets. Their old homes now vacant, awaiting someone to
hopefully purchase. In the meantime, who is mowing the lawns,
keeping someone from breaking in and taking all the light fixtures,
plumbing fixtures, appliances, frankly anything that is not
nailed down? No one. Walk down a street in any community in this
country and see how many you count that are empty. Also count
how many are for sale or have sold signs.  Now we reach the problem,
lending. Enter potential buyer, they go for the typical loan
mortgage on a property and wow, besides the numberous stalls and
red tape, standoff, who gets tired first from these tactics of institutions?
We have an appraisal industry being reviewed to death. Loan officer's and
brokers are afraid to issue good faith estimates due to government
changes holding them responsible if the "estimates" is not within
a degree of the acutal closing. The time its taking now to do a
good loan has gone from 3 to 5 weeks to months.  Banking and mortgage
companies hope buyers get tired and fall out due to disgust.
These are those American's who work hard, have good credit, wish
to pursue the "American Dream," yet, the possibility of it happening
is less and less.
  Rental markets which most of our families now have entered, are
becoming the primary source of housing today. You see, our government
has made it so attractive for foreign investors to come in and
purchase our foreclosures they are here in mass. CASH is king and
if your a Russian Investor or Chinese Investor you have the Cash
to pay for these homes. Funny, all the absentee homeowners from
across the oceans are going to own everything. And to make it better,
when they purchase these homes, they want top dollar in rental,
but do zero upkeep or maintenance to these homes.
  Ask yourself, in a couple of years from now, as our American
homeownership continues to subside and the absentee homeowner is
living in Russia or China, do you really expect the Russian
to attend the HOA meeting? Do you really think they care about
restrictions and how our communities look? Not likely.  You only
have to look at how the Russian and Chinese population generally
live to see what is about to happen in America.
  If a working American citizen can not afford to pay a monthly
mortgage payment of $1500, how in the world will this family
be able to pay $2000 for the same level of living.  What do you
think is going to happen to our school systems if these foreign
individuals decide not to pay their American Tax structures that
support our schools. Do you think our tax authorities will go
to Russia to collect the tax or HOA fees. Not likely.
So again I say, Hang On, it is about to be something none of
us want. President Obama has all but cancelled the American Dream,
but yet you can look forward to Free Healthcare.
  If our housing industry is not made up of hard, working class
Americans, the same hard working Americans who pay their taxes
and have a sense of pride in owning a home, then who I ask will
be paying for all this free healthcare? I can guarantee it
will not be the Real Estate Brokers and Agents, Real Estate Loan
Mortgage Brokers and Officers, or Real Estate Appraisers and
don't forget about the Real Estate Inspectors and our Escrow/
Title Companies.  We won't be making a living therefore, no
tax dollars coming from this industry. Hence, the government
will own our housing industry and where we live and how we
live will be left up to the Obama Camp.
  This is the opinion of SK Covey.