January 02, 2008
Et Tu, 2008?
As I clinked champagne glasses with my wife and bid adieu to 2007, I muttered "good riddance" as the countdown to 2008 commenced. Not only was 2007 a difficult year for the nation's economy, but a difficult year for me personally. Without getting into much detail, suffice it to say I lost many loved ones in 2007, some that left us much too soon. As if it still had something to prove, 2007 gave me one final slap in its last days as I crashed into a tree while skiing. Although I sustained some very painful injuries which have me on crutches for the next couple weeks, it was my helmet that likely saved me from life-threatening injury.
When bad things happen, we tend to focus on the negative and completely overlook any positives that try to poke their heads in and remind us that it's not the end of the world. I remember my last thought before impact with that tree was "How bad is it going to be?" At that point, I knew I couldn't avoid the collision...I just didn't know how bad it was going to be. Looking back, I remember thinking how blessed I was to "only" suffer the injuries I did when I know that many people have died in similar circumstances.
Since my doctor's orders were to rest my battered body, I've had lots of time to think these past several days. In one of my painkiller-induced brainstorming sessions, I surmised that my wreck was symbolic of the real estate and mortgage market crashes of 2007. They both caused a high degree of pain, and that pain continues on into 2008. Both affect people that weren't responsible for the wreck. (for the markets, this includes homeowners who are seeing their equity positions deteriorate as homes go to foreclosure and/or stay on the market for several months - for my wife and children, they have to cater to me since I can't move around very well right now) And finally, both will recover.
Will we see the markets recover in 2008? I wish I knew the answer. Will I recover in 2008? Absolutely. If you have a real estate note to sell, give us a call. Maybe cashing out will give you some peace of mind in the coming year. Whatever you decide, take my advice: Grab your helmet...it could be a wild ride.
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