My opinion on the economy, and housing market in the Wilmington NC Area.

I have always liked Ben Bernanke, but I was critical of his bailout of so many irresponsible investors, and corporations. I realize that he may have averted a major economic meltdown, but is that possible, or are you simply delaying the inevitable, especially in the early stages of a true global economy? Slashing bank interest rates, and sending stimulus checks to people to help pay down their debt (which will eventually all end up in China or India) were not my favorite ideas. Had the rate cuts been helpful to distressed homeowners, I would have been more in favor despite the fact that millions of elderly Americans pay their bills every month with interest from their life savings, and now they have watched that interest disappear while banks get their finances straight. Did I just say banks get their finances straight? Something about that seems very wrong. However, recently it seems to me that his bailout, at least, was short term. He now seems ready to fight inflation, and leave the other markets to absorb his tactics, then naturally stabilize. However, energy prices have created a different kind of inflation, one that is very real, and one that we have no control over, so how much can he really do? I have heard various reports about housing, and I fully expect to see home prices stay down for at least another year. My recent experience has left me to believe that Americans will collectively fight to keep the value in their homes. This has created a stalemate, that could last a long time. I personally think most markets have lost the majority of their value already, and homeowners will simply hold out until the demand catches up with the supply. I hear it all the time, “I have to sell my house in so and so before I can buy here.” This says to me, “ I don’t plan on buying anytime soon.” Charlotte NC recently has been the single most desireable city in America, and I have spoken to people who are complaining about the housing market. They are waiting to sell before moving here to Wilmington, but they refuse to get serious about their price. One day the demand will catch up with the supply, but it will take a while. One other thing that recently startled me occurred when I was searching around to downsize my boat because of fuel prices. When looking through the boat magazine, I noticed a massive amount of very expensive boats that were purchased between 2005 and 2007. Then I started noticing that dealers were offering similar brand new boats for about 20% less than the used boats. Boats are very easy to get repossessed because we have very little real need for them. I think many people need to come out of the clouds and realize that if they don’t sell now, it may be years before they get back to where they are now. Interestingly enough, we are in an age of unprecedented collaboration, and innovation, and if America corners the market on a cheap, environmentally friendly fuel, those struggling the most right now, will probably be the biggest winners. I’ll use the cliché No Pain, No Gain Right?

My name is Ralph "The House" Hunter, with Victory Real Estate. I have been selling real estate in the Wilmington area for 5 years now. I have experienced many different markets, and enjoy watching things play out. I have lived in Wilmington my entire life, and really love being directly invloved in it's growth, and development. I plan to build my firm into a powerful local brand focused on real estate advice and service, rather than sales.

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