I am a real estate agent - in the business of selling homes. You’ve heard of my type. Back before ARMs adjusted upward to Jupiter and folks had something called equity in their homes, we used to actually help people sell houses.

 

But here’s the deal. The foreclosure tsunami has left homeowners nationwide with anemic home values, so extreme according to the Associated Press that Americans’ equity in their homes has dropped to the lowest level on record dating back to the Second World War. Ouch.

 

That includes us, fellow Longmonters. Only 17 single-family home permits were pulled by contractors in the first quarter of this year. Which at first glance might seem great, right?  Less inventory to contend with in a glutted market. But it also means fewer subcontractors collecting the paycheck that keeps them paying their own mortgage or qualifying to buy your home.

 

So … unless you’ve been transferred to Alaska, now is probably the time to just sit tight. (Did I mention I’m a real estate agent?) Put the emergency brake on the vehicle in your garage and put that $4.00/gallon toward principle in your property. If you happen to own anything with less MPG than a Vespa, you could probably make an extra mortgage payment and double your equity.  

 

And with a little equity you could get out there and invest! I know a good buyer’s agent (who’d be willing to drive).