Passage of Health Care, Employment Instability & Real Estate

Health care is in… now what?

So health care is now law…..and gosh it sure makes sense doesn’t it? The fines for not paying for your new government required health care are not even close to what your monthly premiums will be when this thing kicks in.

In the mean time, Caterpillar, John Deere, 3M, ATT, Verizon, Monsanto and other companies have all noted that in reading the fine print it will cost them tens of millions of dollars in lost tax deductions.

What’s this have to do with real estate? Jobs. JOBS JOBS JOBS and MORE JOBS will clearly be lost.

While I was a proponent of health care reform, I first wanted our country back on it’s feet economically. We are not. Our President’s ideology is obviously more important that him being concerned for people’s employment stabilization. To be saying the housing market is poised for a recovery is laughable given our current debt load and future jobs situation.

As practitioners, we have to be looking long term for our clients…and be more candid than ever before in assessing the short term real estate future.