IT’S NOT OVER UNTIL IT’S OVER

BLOG #10, SERIES #3

WEDNESDAYS WITH DR. JOE

IT’S NOT OVER UNTIL IT’S OVER

March 7, 2012

 

 

            What a difference a year or two makes!  Four years ago, Colorado towns such as Aspen and Vail appeared to have it all: multimillion dollar homes perched on the hillsides, the middle class and the poor driven far away because the norm for buying a house in those glitzy resort towns had skyrocketed into the tens of millions.  Most owners were absentee (only residing in these palaces for a few weeks out of the year); in other words, these were generally trophy homes, scattered around the world.  The owners, being rarely in town to vote or attend schoolboard meetings or support a church or give to those who struggled just to survive, made little impact on the towns where they supposedly lived.

 

            Nearer to Denver, there are entire hillsides of vacant multilmillion dollar mansions which never got purchased at all.  And the fortunes of those who built them (developers, carpenters, plumbers, electricians, masons, home decorators, landscapers, etc.) are today still reeling.  Many of the homes have had to be discounted 30 – 60%.

 

            Though things are not as bad in Colorado as in states such as California, Nevada, Arizona, Florida, Michigan, etc., and conditions continue to slowly improve, the reality is that an era of affluence is over, replaced by stark reality.  Those who flourished by “flipping” one property after another are most likely bankrupt.  And today over 40% of all American “homeowners” are said to owe more for their homes than they can sell them for.

 

            This staggering collapse is no respecter of persons for it has affected billionaires along with minimum wage earners.  A whole generation of college graduates are remaining home with their parents, unable to find good enough jobs to enable them to pay for separate lodging or pay off their school loans.

 

            Next Wednesday, I’ll share with you the story of what happened to the richest man in the world–a king who had it all–a long time ago.

 

HAD

 

            His story has reverberated down through history ever since, but its retelling has never been more timely than now.

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