Thursday, June 25, 2009

Celebrate the USA…….

It is a little known fact that the American colonies separated legally from Great Britain on July 2,1776 and not on July 4th. It took two days for the Second Continental Congress to approve the Declaration of Independence during the American Revolution, hence our National Celebration “The 4th of July”.

In his letter dated July 3rd, 1776, John Adams, referring to the birth of our new nation, wrote to his wife Abigail “I am apt to believe that it will be celebrated by succeeding generations as the greatest anniversary festival. It ought to be solemnized with pomp and parade, with shows, games, sports, guns, bells, bonfires, and illuminations from one end of this continent to the other, from this time forward and forever more”.

Our superb experiment The United States of America is like none other in the history of mankind. Above all else, we have kept our promise to each other and to the world that we will preserve, protect and defend the basic right to live free from tyranny of any kind anywhere.
When we celebrate the history of our country, we remind the whole world that the right to live in freedom when threatened is worth any war that has ever been fought however dreadful the reality of the fight. The beacon of hope for which our Country stands continues to draw the world to our borders. As long as our collective view of the world remains steadfastly rooted in the spirit of the United States Constitution, we will right any wrong and overcome any challenge to our way of life.

If the Founding Fathers were observing the debates taking place between and among our political parties, economists and industries today, I suspect they might find that the more things change, the more things stay the same. We are all still “contributing” our ideas as we live in freedom under our precious Constitution. Some of our “ideas”, however, would have caused the Founding Fathers’ wigs to curl.

Centuries ago, there existed the “Debtors’ Prison” where those who could not pay their debts were sentenced. Not only was the debtor sent to jail, but he had to pay to be incarcerated. Imagine what our Founding Fathers would say about the “idea” that our lending institutions developed to create the tremendous debt under which we smother today.
During the housing and credit crisis of the past few years, Americans did not end up in Debtors’ Prison. They ended up in homes they could never afford and those lenders should now be in “Lenders’ Prison”.

The economic forecast for our Country is one of Recovery and it is on the horizon as evidenced in the most recent housing statistics today. Home sales are on the rise despite an inventory that remains high and home prices will likely begin to rise albeit ever so very slightly and over a prolonged slow period of time.

The sales of high end homes remain slow as the banks’ jumbo loan availability is significantly limited. The national inventory of homes priced at 750,000 and above now exceeds 40 months as compared with 18 months in 2007. Until the rates for these jumbo loans improve as well as the high end consumer confidence, high end properties will continue to remain on the market for longer periods of time.

Presently, about one in six homeowners owe the banks more than their homes are worth, but the economists report that most folks are current on their mortgages. The current unemployment rate is nearing 10% but the federal stimulus plan is intended to generate jobs before the end of 2009. It is still believed that unemployment will be high until 2013.
The rates will most likely remain low and the $8000 tax credit for 1st time homeowners will probably be extended beyond the 12/09 deadline.

Housing experts such as International Chairman and Co-founder of REMAX Dave Liniger, instruct that the health of the housing market is directly tied to 3 factors: affordability, interest rates and employment. He notes that there are “positive elements” in the 1st two factors, but that unemployment continues to be the “troubling wild card in the economic deck.” We will recover and we will learn from our mistakes.

Over two centuries ago on July 4th 1777, John Adams went out for a walk at night “for a little fresh air and exercise”. On the first anniversary of the Declaration of Independence, he was stopped in his tracks. All around him he saw the “whole city lighting up their candles in the windows.” Although the new Americans lacked the technological means to communicate their universal joy, it nonetheless abounded through out every home on every street in all the states of the union.

We Americans will continue to light the candles that illuminate the purest way of life the world has ever known. It is precious. It is worth the struggle. It will always be a cause for immense celebration.

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