I spent several hours yesterday with some pastors who preach to large congregations in Middle America, primarily talking about a deal I am involved with them on. However, we had a long talk about the attitude of everyday Americans, how they see things and the future. The comments hold a number of major lessons for real estate investors and developers. There seems to be a general loss of hope or feel good across the country that results from the sense that Washington is just a bunch of people who prefer to score points, but who do not do anything useful to solve the country’s problems. They hate the constant political bickering and showmanship, and complete lack of leadership. As opposed to 2006-2007, there is no feeling of I can spend, I can have a bigger house, I can shop, the world is great. And that is not going to change anytime soon.

We now have a reality check where there is serious unemployment and under employment, and not a lot of hope this is getting much better any time soon. House prices continue to decline in many mid America cities. The dangers of the world continue to pile up and it only seems to get to be a more dangerous world. Middle class and working class incomes are going nowhere, and gas and food costs rise making it harder for the average American family to do some of the things they had gotten used to in the mid decade.

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