Trials and tribulations of the housing market…..

The storm of the housing market and the impact it has had on the economy has swirled around for months and months now. Foreclosed homes have been dotting the American landscape, and with each broken loan comes a broken dream and a broken heart. It is unimaginable that families can be thrown onto the street, especially in a country where we spend $140 million dollars on “volcano monitoring”.

I am now in the group of people who are trying to sell their home. In a market where qualifying for loans is difficult, buying a home is a lot more challenging than it used to be. A few years ago, you could basically walk into a bank or brokers office, state which home you wanted to buy, and it seemed the people in charge were more than happy to hand over the money – and a little extra to boot. With the economic downturn and the stigma now attached to mortgages and banks, credit has been at a standstill. But with the impending summer season which is often the busy season in the housing market, and the notion that the housing market is on the upswing, money should begin to change hands. The reality is, without credit and money, the economy will never turn around.

I am hoping that somebody has the access to a loan and falls in love with my home…..

Man Utd wage bill

I was reading the British papers this morning, like I always do, and discovered an incredible statistic. Manchester United’s annual salary bill stands at a little under $200 million. When you compare that to the NFL and NBA which teeters a little above $100 million, it is astounding. How about when you compare it to the MLS salary cap of $2.3 million…

It is staggering, when the world is struggling financially, that professional sports can pay out such exorbitant amounts of money on players. Just look at the Yankee’s. They just signed Alex Rodriguez to a $275 million contract, Jeter is already on a $189 million contract, and CC Sabathia just signed a $161 million dollar contract. The kicker is, they are all guaranteed.

World Cup bid

It is now common knowledge that the US is challenging several other countries for the right to host the 2018 or the 2022 World Cup. Nobody can deny the success of the 1994 tournament, and the impact that it had on soccer in this country. MLS was launched in the aftermath, and continues to flourish and grow. The US has held several other major sporting events, including the Olympics in Atlanta in 1996. The Gold Cup and Women’s World Cup showcase that the facilities and the means to execute a plan are all in place.

The World Cup in South Africa next year is a landmark occasion. It is the first time the tournament has been held in Africa, and the excitement is mounting. However, problems are evolving. Stadiums have yet to be completed, and Sepp Blatter has even put England on call in case things fall through. Such a scenario could never happen. It would be devastating for South Africa and the entire continent. Soccer would be on the front pages for all the wrong reasons, and FIFA would be held accountable. As the saying goes, ‘it will be alright on the night’, and I fully expect to see the spectacle of soccer grace the African continent and envelop all the passion and color that South Africa encapsulates.

So the US is putting their bid together, along with England, for the right to host the 2018 or 2022 tournament. Henry Kissinger has been drafted in to add some additional bite to the committee, and hopefully leverage the US bid on the international scene. But why wouldn’t the USA be nominated? It has everything. The stadiums and facilities are spectacular, the support is growing exponentially, the domestic league is established, and there are people in place who have big tournament experience and have a love for the game. The only negative aspect I see is the weather. It can be incredibly hot in the summer.

It would be great to see the World Cup in this country once again. It would be even better to be involved in the planning stages of this bid. I wonder how one can become involved in that ?

Craziness in London

The news has been awash recently with the events in London surrounding the G2O summit. The anarchists, environmentalists, radicals, and those who merely want to voice an opinion, stormed the financial sector in the City of London, wreaking havoc. Windows have been smashed, banks vandalized, police officers assaulted, and a protester has died during this chaotic period. These scenes are reminiscent of other protests gone astray, namely in Seattle during the WTO summit in 1999. A movie was even made of those events.

I completely understand the right to voice an opinion, and a right to free speech, but when does all of this cross the line? We often view environmentalists as trying to do the right thing in order to protect our planet. But there are those radicals who use the platform of democracy as a means to act violently. What good do these people do? I would imagine these scenes that are viewed across the world damage the cause for which they are fighting for. Violence, whether in the form of protests gone wrong or acts of terrorism, do carry a message of some sort. Often this message has legitimacy, but the fabric of violence on which the message is carried tarnishes the very reason why they are doing it. The actions of a few infect the objective of many.

Even with these protests going on, the leaders of the countries in attendance at this summit persevere with their discussions. President Obama is in attendance, and experiences his first appearance on the international scene. By all accounts he is handling himself very well. We all hope that progress can be made on both security matters and the global economy. We plead that we have seen the worst pass us by. More jobs will be lost, but hopefully these losses will be for reasons of restructuring rather than panic. The stock market is bouncing back, and the housing market is strengthening on the back of low interest rates, stabilization in the banking sector, and increased confidence amongst buyers. Long may it continue…..