We approach the July 4th holiday and the housing market has been on a wild rollercoaster ride. The lessons of being overleveraged have been painfully felt by many homeowners and investors. The loss of one's home is one of the most painful events of our life.

I know. I lost my home in the downturn of the early 90's. There were compounding events that were out of my control, but I was overleveraged and could not weather the storms of the market that I depend on for my livelihood. I do not overleverage now. It was an indelible lesson and I shall never repeat it.

If you read my blog from a few months ago, you know that it was even painful for me to show a home in foreclosure to a client. I shall never forget the face of the 70+ woman who raised her family and her grandchildren in that home when I asked her, "where will you go?" Her eyes were empty of energy when she replied, "I don't know". I look forward to a market with more restraints and controls on how loans are given and paid back. I look forward to a community of realtors who take the responsibility of asking the necessary questions - perhaps even pre qualifying buyers with simple income/expense/proposed purchase price ratios before we send them off to their mortgage brokers.


To those who will speak to me about their homes and their ability to downsize or take advantage of the lower prices and buy, you will find a more measured response from me. I want you to achieve your dreams, but even more important, I do not want you to lose your dreams because we did not plan ahead. Live well and prosper.