Tuesday, December 30, 2008
The Ripple Effects of the Housing Problem
It's looking more and more like none of us is immune from the effects of the George Bush Mess and the New York Times has a piece this a.m. that exemplifies our dilemma. In the new age of divorce, the story says, "some divorcing couples are battling not to get the house." Indeed, some couples--showing every sign of an impending split--are riding out the storm by staying together in an uneasy economic pact. There's just no choice when their largest single investment can't be sold.
There are all kinds of ripple effects to this housing market. My son has had a house on the market in Roanoke for about 18 months with almost no prospect of selling it. He took a new job--a good job--in South Boston and moved just as the bottom fell out. I wonder now if he would have taken the job had the housing market been as it is today. I'm getting anecdotal evidence from the business community that hiring good people is suddenly more difficult because new workers don't want to move. That would mean selling the house.
Christina and I own our house, but that doesn't mean as much as it used to unless nothing changes in our lives in the future. And that's not likely.