Real Estate Bubble

You’ve read the headlines about how the real estate bubble has burst in one city after another.

But don’t believe it.

It is a gross generalization, as are so many tales of economic doom and gloom.

There are always exceptions, and in some places the bubble got a little smaller but didn’t altogether bust.

Just yesterday, I was reading about a small, upscale community in Southern California known for its fine public schools and Midwestern atmosphere.

In March, 2006, the average sales price of an existing home was about $1.3 million. A year later, amidst all of the hand wringing over the mortgage lending crisis the average price ROSE to $1.73 million.

That is better than a 25% gain, year-to-year, which still sounds very bubbly to me.

A prominent realtor reacted to the news by noting, “Real estate is very local.”

That’s local, as in the old saying about the three determinants of a property’s value, “Location, location, location.”

Every market presents some opportunities. As an investor or simply a savvy homebuyer we need to look at what is happening “on the ground” with fresh eyes, discounting exaggerated news and dire predictions and ask, “What’s really going on, HERE?”

In some cases and some places, there seem to be two types of buying opportunities: good ones and better ones!

So, check out that community of your dreams. It may not be as pricey as you think, especially if it is a place where the bubble never really burst!

You must wonder if there is some kind of correlation between the real estate bubble and the number of personal bankruptcy filings. As evident by the recent recession of 2008, the obvious answer is yes. Ever since the real estate bubble burst in late 2008 with the credit crisis seizing the economy, there is definitely an uptick in the number of personal bankruptcy being filed each and every month.

What caused the real estate bubble

Many economists believe that the real estate bubble is a direct effect of 2 things: unscrupulous lending programs by the mortgage institutions and the ease of obtaining credit. Since 2000s, the US treasury had been setting the interest rates at its historic low. What this means is that the rate that the institutional banks can borrow from the Treasury is set at a very low level. The bank then turns around and pass this low rate to the consumers and the businesses they serve. So if the businesses and consumers have access to the money (or credit line) that has low interest rates, it gives them a false sense of security. Many people without any extensive financial background then start to spend the money that they do not really have. Case in point, a consumer might take out a larger mortgage on a house than he or she can afford. This consumer ends up buying a house outside his or her means. These homeowners think that just because over the last 3-4 years, the real estate market has been rising continuously without any sign of slowing down, it means that the real estate market will continue to flourish. This is the reason why a real estate bubble was formed.

When the real estate bubble burst, many individuals filed for personal bankruptcy

When the real estate bubble burst at the end of 2008, many people found out that their precious homes were not worth that much. In fact, the stark reality is that since the collapse of the real estate market, the average home prices became significantly lower than the mortgage of the underlying house itself. This phenomenon is not just a symptom of the mid and lower priced homes, but a problem even in the high end market homes.

Since a lot of homeowners bought their homes on the higher end of their budget, they ended up taking out a much higher mortgage. When the real estate market collapsed in 2008, these home prices plummeted. As the economy turned ugly and became a recession, the prices of homes continue to drop. At some point, the underlying mortgages became more than the market value of the actual homes. For example, a homeowner can have a mortgage of $400K, but the home is only sellable at $350K. So if and when the homeowner decides to sell the home, he or she will have to dole out an additional $50K to pay off the mortgage company. This is the scenario that can cause many homeowners to look into personal bankruptcy since they can no longer afford the house.

This is not happening to just a few of the homeowners in the US where the value of their homes is significantly lower than the mortgage of the actual homes. The mortgage lenders were just as guilty for pushing low interest rate mortgage terms, duping many homeowners into thinking that they can afford the high priced homes. This is a major reason why we are seeing an uptick in the number of people filing for personal bankruptcy, when these homeowners ended up filing for bankruptcy protection because they can longer afford their homes.

Our company gets many calls from reluctant condo investors and preconstruction contract owners that were looking to cash in on what appeared to be easy money. The client wants to know “What should I do?”

While each situation is unique, in general the decision can be crystallized down to the present value of future cash flows. In other words, translate each strategy into a series of inflows and outflows today and in the future and discount each cashflow to the present using an appropriate discount rate to come up with a net present value for each scenario. This combines time value of money and decision tree concepts and it helps convert an emotional decision into a rational financial decision.

Let’s look at the easiest strategy to analyze – Walk Away. You are essentially locking in a loss of your initial investment, not to mention the possibility exists that the mortgage company may come after you anyway if the sale of the property does not cover their mortgage balance. It is an undesirable strategy to put it mildly and the choice of absolute last resort.

Without knowing your personal situation, I can tell you that there are far more effective options that should be explored that will help alleviate your situation. Please contact us for a no obligation free consultation and we’d be glad to explore the best options with you.

2. Sell the Property – You may feel that you have to sell today. The negative media and the overhyped real estate bubble contribute mightily to investor psychology today. Not to mention the hassles of being a landlord. Or getting the unit rented while attending to your million other tasks and your job.

Maybe the property is significantly negative cash flow and the monthly loss is bleeding your finances and savings. You feel you are diving into a money pit and your net worth is plummeting. Here’s how your cashflows line up – if you’re in a hot market, expect to take a significant discount to fair market value in the price you get. In other words, lock in a 10-20% reduction in the price you may get if you decide to ride out this correction.

A word about cycles. At the top of a cycle, things are rosy and projections are that prices will continue to rise indefinitely. We saw that last year. Similarly, today it is difficult to imagine that prices are ever going to rise again and real estate may stay depressed for many years to come. The reality is somewhere in between. Prices will bounce back, it is a matter of when, not if. Given the negative sentiment, we’d venture to say that we’ve already seen the worst of the correction.

The Sell Your Property strategy also has an element of hope. There is no guarantee that you can sell even if you want to desperately. The reality of selling has to do with how low you are willing to bring your price. But also think about this, in the last correction Californians that sold their properties near the bottom lived to rue the day as property values exploded over the past 10 years, rising roughly 2-3 times in that time period.

3. Final Option – Hold & Maximize – When considering a hold strategy, the investor makes the assumption that the market will get better soon. Most experts predict that the current inventory glut will take until Q4 2007 to get to a normal market.

How long you have to hold will depend on how well you bought. The old adage in real estate is that the profit is made on the purchase, not on the sale.

Alongside the hold option, you need to get a financial professional to review your financing for the property. Can you cash out equity, lower your interest rate, defer interest on your mortgage? Each would help lower your monthly outlay. Our company has investor programs that very few other firms can provide. And if we can’t help you, we are tied in to a national network of investor loan consultants that we are certain can.

Secondly, your hold decision depends on demand for real estate in the location you purchased and the inventory situation. Are buyers moving to the area, are incomes rising, is the rental market strong, is there job growth and what is the rational expectation for the market?

If you want a thorough and honest review of your particular situation, contact us. We can help you make a rational decision and help improve your financial situation. If you are in financial dire straits, contact us immediately. We can help you devise a strategy that will not only protect your investment, but also position you for a brighter financial future.

© 2006, All Rights Reserved.

The government of China might be at this moment covering up a vast real estate bubble the likes of which we have never seen. After many years of rising housing prices, China’s property market is just starting to slow down. New home prices are now heading downward in some of the larger Chinese cities. Real estate has been the bedrock of China’s fantastic record of growth over the past twenty years, and the condition this market is a critical aspect that steers the continuation of China’s industrial construction and materials sectors. Culturally, real estate has been a favorite investment of Chinese people looking for a better return than the local bank. Also, many local provinces simply depend upon on escalating prices for land finance their ongoing infrastructure investments. The question is, should be begin to worry about all of this?

The growing divide between China’s wealthy and its poor has placed many Chinese in the position of living in inadequate housing, and unlike the American real estate bubble, the Chinese property bubble wasn’t incubated in a test tube of easy credit and low down payments, which causes industry analysts to believe that if the Chinese property bubble pops it won’t come undone in the same way as the U.S. property bubble. What this means that when and if this happens we don’t know what to expect.

A full 15% of China’s Gross Domestic Product is directly tied to real estate development and construction, and the Chinese government has an obsession with the building and development of massive infrastructure projects. Its efforts to slake its thirst for more real property has put upward pressure on the demand for raw materials and the things you need to build large projects. Any decline in real estate and apartment prices could harm the otherwise powerful Chinese construction and investment industries. Persistent slowdowns could put a damper on consumer spending, and that can create slack in the demand for imports which is what is currently propping up the economies of the developed nations. If that economic backstop is taken away from us there is no way to gauge the depth of the present global recession can reach.

China is a “housing-led economy,” states UBS economist Jonathan Anderson, who estimated that real estate development by itself accounts for more than thirteen percent of the nation’s GDP in the year 2010. That is twice what is was in the 1990’s, but what are the ramifications for these western economies if the Chinese real estate bubble were to suddenly burst?

The red-hot demand for Chinese property has fueled the demand for raw materials that come from Latin American and African nations that have adapted by working overtime to satisfy Chinese demand for these goods and materials.

Many western corporations including retail organizations and restaurant companies have built their business models on provisioning the Chinese demand. If the Chinese demand for all these raw materials, products and services where to suddenly slow down — which is exactly what would happen if there is a significant decline in the demand for Chinese real estate, then the consequences for all of us could be quite dire.

As a result of the real estate bubble, the number of homes being built, decrease. There is a huge inventory of unsold houses in most countries so developers are experiencing a major downturn. Homeowners are struggling with warning signals of potential foreclosure on their homes – and that is just the tip of the iceberg.

Housing bubble, which refers to the residential real estate market, lingers in so many countries including the United States, some parts of Europe, and Asia. The crisis in the United States started in 2005 and it has not yet bottomed as of date.

How did the bubble start??

There was a remarkable 64% increase US homeownership in 1994, which peaked in 2004 to 69.2%. This increase in the trend sparked up the industry. Housing prices and consumer expenditure increased from 1997 to 2006. Since values of the prices increased, homeowners used their homes to refinance at lower interest charges. Consumers were encouraged by the government to go out and shop.

When the industry boomed, developers built a lot of real properties, which contributed to the large inventory of new homes yet to be sold. With so many surpluses, the values of homes decreased. People refused to sell their houses at very low prices. Most of these owners too, have reached the negative equity level, which makes it even harder for them to avoid defaults on their mortgage loans. In terms of number of units, sale of new homes decreased to 26.4% in 2007. By the start of 2008, a record-breaking 4 million existing homes went up for sale in which almost 3 million are vacant homes.

Excess supply of homes made a huge impact on the prices. 10.4% from December 2006 to December 2007, and a whopping 15.8% come May 2008. The trend is expected to continue until all excess homes reach the normal or typical level.

In the United Kingdom, building of houses took a halt as the number of new houses being built went down 60%. This is due to the fact that financing companies have implemented new and tighter policies on mortgage lending to buyers.

Based on the data presented by the National House Building Council, there is a significant 56% drop in the number of houses being built from May 2007 to May 2008 in the private sector. Owing to the building activities of their 20,000 registered developers, there was close to 15,800 houses in 2007 versus around 6,900 this year.

The same trend is happening to social housing projects in the public sector where there is a good 60% decrease in home building – the numbers being over 4,300 in 2007 and lose to 2,700 in May 2008.

Lenders are increasing their fixed-rate packages from 6.49% to 6.99% so, on a home loan of 150,000 pounds (about $279,000), there will be additional monthly payments of 47 pounds or roughly $87.

The ripple effect of the housing bubble to an entire economy is a reality that happens periodically. Real estate could be considered a speculative market in that it is always difficult to assess a possible crisis by hindsight. You would only know about the crisis when it already is happening.

All those illustrious ‘bubbleologists’ out there are not going to like this one bit: not all real estate bubbles burst. Some of them actually sink – just like The Titanic

Only a few weeks ago the real estate bubble captured the attention of a great many bloggers, authors, even news commentators all of which had in common a very dire prediction, which can be encapsulated into what has become known as the ninth note of the musical diatonic scale, right after Do-Re-Mi-Fa-Sol-La-Ti-Do: ‘Pop’, with all the consequences that such novel high-octave implied, including a cataclysmic price crash, Armageddon and, possibly, the end of life on Earth (save and except, perhaps, for a handful of protozoa).

At the root of the Theory of The Bubble, it will be recalled, were the notions that U.S. consumers have too much already and want more, that they do not save enough, that the trade deficit is too large and bound to become even larger and that the American economy is far too dependent on housing. Absent from the minds of the bubbleologists, however, was the fact that much of this debt is anchored on the built-in equity of real property assets, which thus far has been growing steadily. So therefore, to make the monthly debt burden onerous enough to cause a bubble to burst – that is a cascade of mortgage defaults with a flood of foreclosures on the market, which in turn would bring prices down – one would have to look not to higher interest rates but, rather, for a big drop in family income. As monthly debt payments remain the same, a drop in income would quickly dry up the cash reserves of many consumers, so that the predicted avalanche of mortgage defaults would start rolling down.

Unfortunately for the doomsayers, however, not only nothing of the kind has happened but, furthermore, data released by the Federal Reserve System and the U.S Department of Commerce indicate that consumers are far, far away from suffering a catastrophic drop in family income for a very long time to come. As a matter of fact, the US economy has created 211,000 new jobs in March, according to the Labor Department, which have contributed to an overall drop in the unemployment rate to 4.7 percent, annualized. This level of activity, furthermore, has caused consumer spending to rise by 0.6 percent, up from the 0.2 percent growth seen in February. Which rise in spending, the bubbleologists should be made aware, was aided by an increase in family income, up 0.8 percent in March compared to the 0.3 percent jump in February.

This past week, in fact, Ben Shalom Bernanke, the new Feds’ boss has announced that the economy grew at an annualized rate of 4.2 percent in the January-to-March quarter, the highest level in these past two and a half years. This marks a vast improvement from the anemic 1.7 percent growth rate in the final quarter of 2005. And on April 19, 2006 the US Department of Commerce has released data showing that the benchmark median housing price has increased at an annualized rate of 3.2 percent for the First Quarter of 2006 ending on March 31.

The Bureau of Labor Statistics, moreover, is pegging the Consumer Confidence Index at 109.6 in April, up from 107.5 in March and higher than the 103.8 of December, 2005, when I published the Article entitled “Breaking The Real Estate Bubble Myth”, which has earned me an interview on local TV and that has been praised by many for its thoroughness and, now, rightfulness. The Consumer Confidence Index is now at the highest level since March, 2002 {figures released by Statistics Canada, incidentally, are equally positive). Finally, in line with the inflation-targeting approach announced by Prof. Bernanke in February, the Feds has raised interest rates again by a quarter of a percentage point to 4.75 percent. Rates have increased from 1 percent over the past 20 months, and are now at the highest level since April, 2001. And, finally, the Greenback rose against most currencies on the prospect of higher borrowing costs, which tend to enhance its attractiveness to foreign investors. This signals a renewed influx of foreign capitals into the United States and, by reflection, Canada – both still the the most economically secure, politically stable, most trusted and better defended investment arenas of the entire world.

A note of caution was made by the Feds’ Chairman, to the extent that “while prices at the pump have yet to impact confidence, further increases (of gas prices) could dampen consumers’ mood”. Should that come true, however, and should cost of crude and prices at the pump hamper spending and reduce – or even halt growth, that would have nothing at all to do with a real estate bubble bursting, since the whole economy would be affected. In fact, all world economies would be affected.

So therefore, there is no valid reason to believe, under the circumstances, that consumer confidence applies to everything but real estate and that an economic bubble would affect only real estate markets and nothing else. It is furthermore evident now, in light of the foregoing deluge of statistical data, that all those bubbleologists, Sunday-afternoon crystal ball readers and part-time economists out there have been completely wrong. So much so, in fact, that merely to cite another example, in the Summer of 2004 the long-term bond treasury yield was 5 3/8 percent, whereas right now it is 5 1/8 percent. This is another clear indication that the US Treasury does not envision rates to climb much higher, contrary to what the bubbleologists have been prophesying all along.

It is, therefore, pretty difficult to foresee a collapse of the real estate market with interest rates which, in the long run, are actually dropping.

Perhaps some of those Hollywood big movie producers should ask Leonardo Di Caprio to star in “The Bubble”, a sequel to “The Titanic”, where one could enjoy watching another transatlantic ship sink right to the bottom of the ocean, with all those bubbleologists jumping overboard to meet their destiny into the frigid waters of their economic ignorance.

Luigi Frascati

The majority of insurance agents who focused on the homeowners side of insurance saw their business and income plummet due to the real estate bubble burst and the downturn of the economy. The bubble that allowed agents to profit and sell homeowners insurance for such a long time burst, leaving them to deal with the aftermath. Many of these agents are returning to the proven cold-calling technique and purchasing expensive ads to find clients. However, you don’t have to go that route.

Despite the recent decline in the housing market, there is still a need for homeowners insurance. Right now, people are looking for good deals on their present insurance plans, which means agents such as yourself can take advantage of the situation and show them what you have. Yet, how are you able to get in touch with these potential clients?

The Internet and Your Home Insurance Leads

If you’re tired of cold calling tactics, use your Internet connection to locate your homeowners’ insurance leads. Leads such as these are made up with people who are actually looking for a homeowners insurance policy; people you want to talk to. When you have quality homeowners insurance leads, you’ll spend time doing what you need to. What’s this? It’s selling homeowners insurance to people who are interested in buying.

What To Look For In A Quality Lead Provider

You have plenty of options when it comes to finding online insurance leads but you want homeowners insurance leads that are already pre-screened and can be purchased at a low rate. Make sure you get quality leads so that the person you’re talking to is actually interested in what you have to say. You don’t want to purchase from a lead provider that just throws together a list of names who are either not looking for homeowners insurance or don’t even own a home. You also want a company that doesn’t make you sign up for contracts or put a minimum cap on your purchase. You can purchase whatever amount of leads you desire whenever you need to get them. A final thing you want from a lead provider is not to be charged should a lead turn out to be faulty.

If you’ve never purchased online homeowners insurance leads before then you need to find a company that gives you quality leads. You don’t want to guess about your leads. If you want to know what kinds of leads you’re getting, make sure you find a company that will give you a free preview. A preview lets you see a lead’s needs, credit rating and other kinds of information pertinent to your business. No longer do you need to guess about your leads.

Remember there are all kinds of people searching for a new or replacement homeowners insurance policy and if you want to capitalize on their search, you’ll need to get into touch with a lead provider who will help you locate these folks.

Now is the time to buy

Unless you’ve been in a cave, you know that the foreclosure rate has gone through the roof! Wait… even Osama Bin Laden (whom I’ve heard lives in a cave) knows about the US mortgage woes (that’s scary on several different levels).

The point is, it’s no secret American homeowners are hurting. What’s lacking is committed and ethical real estate investors who know how to help Mr & Mrs Homeowner and the banks while making a healthy profit for themselves!

The Facts

Over leveraged homes, floozy bank qualifications and expectant investors looking to make a quick buck are all part of why we got to where we are now: In a real estate bubble. Millions are in foreclosure with no end in sight. But, there’s a few more things going on which you may not be aware of.

Did you Know?

Did you know that most banks DON’T want to foreclose? Think about it: What is a foreclosure, really? It’s the process of repossessing a home when the homeowner doesn’t pay their mortgage, right? What happens after the banks repossess the home? They become real estate brokers. So, if they wanted to broker real estate, why didn’t they start there in the first place?

The answer, of course, is they don’t want to become real estate brokers. They want to sell packages of money. You and I know these products as “30-year fixed” and “5/1 ARMs” and on and on. Banks like it when nice steady payments (mostly containing interest) come in on a consistent basis. So, when homeowners stop paying, it becomes a problem to the banks. And like most people, banks want to cut their losses and move on.

The Opportunity

This, in a nutshell, presents a HUGE opportunity. Millions are in foreclosure and banks don’t want to foreclose. Many of these homes have little to no equity now that the market has flattened or dropped. In order to create some equity to get the ball rolling again, someone (that means you) needs to offer the bank a short sale (this is where the bank takes less than what’s owed).

Everyone Wins!

Getting the bank to take less than what’s owed opens the door for you to resell the property at a profit. Hopefully, you’ll agree that this is a good thing. Mr & Mrs homeowner, who had very little to no equity in the first place, avoid having foreclosure on their credit which they’ll be very thankful for. And banks get to write off the loss and avoid having to report another foreclosure on their books — something they like to avoid, too, so it doesn’t negatively effect their borrowing power from the Fed! It’s a great thing when you can help others out of a jam and make good money in the process.

You might have noticed that the prices of apartments in Tel Aviv are increasing but this is not a new trend. In fact it has always been this way. The speed of the increase is what fluctuates. Although the government introduced a policy geared toward slowing this down the costs continue to rise and is usually referred to as the Israel Real Estate Bubble. Tel Aviv apartments fall into this category. The governor of the Bank of Israel is quoted as having said that the prices are too high and that this bodes trouble in the future. In order to do something about it old taxes were raised and new taxes were introduced. Interestingly these efforts did not produce the desired results.

Many have speculated as to the reasons for this. Some feel that the apartments in Tel Aviv pose a great investment opportunity for both business and leisure concerns and that all individual tastes are satisfied. Of course some may feel that the excessive supply of both bacon and seafood is overwhelming. And while on the topic of food it is worthwhile noting that aside from India Israel is also a very vegetarian place thanks to the distinction between meat and milk.

Of course another good reason for the increase is that the center of the town is historically rich such as in the White City with its Bauhaus style. When Bauhaus became en-vogue at its inception it was at the same time that Tel Aviv really began to boom. There were European cities enjoying the Bauhaus feel but after WWII there was a rapid decline. Among Tel Aviv apartments White City offers Mediterranean flair thanks to its hot and humid climate. UNESCO recognized it as a world heritage site and considers it one of a kind. And now even public transport has received a boost with the inception of the streetcar. Although some areas have to put up with the mess and noise of this upgrade it is nevertheless a temporary setback and before long we will be seeing apartments in Tel Aviv advertised as being near to streetcar access. Locals are looking forward to a much cleaner and quieter area.

Although White City is going green other sections of the city are still lagging somewhat behind. One such part is Old Port with its fantastic restaurants, bars, and boutiques. Taking a short walk east will lead you to the quieter North Tel Aviv residential district and it’s unique and beautiful apartments. Old Yafo is another area that is getting ready with its high-end apartment buildings. They share space with the old that are being restored to the former beauty, as well as the modern. One doesn’t have to look hard to discover why this city has been so popular for so many years.

It is definitely a sound investment when one buys a Tel Aviv apartment especially when one considers that the city is still so popular among tourists. For owners this offers an excellent opportunity to make money as many tourists prefer renting self-catering holiday accommodation as opposed to staying in a hotel.

With so much on offer it’s not surprise that Tel Aviv apartments continue to rise and why developers are eagerly awaiting the investment opportunities appearing on the horizon. Despite the attempts made by government to slow things down it is unlikely that their objective is going to be achieved.

One of the reasons people shy away from real estate is the fear of a potential real estate ‘bubble.’ These same people buy stocks, knowing the volatility of them, and say, ‘Buy stocks and hold on to them for the long-term.’ We do not believe the ‘bubble’ theory in real estate has any merit. Even if there was a ‘bubble,’ we would consider it a great buying opportunity and we would market that much harder!

Don’t get us wrong. There are times when the real estate market may ‘cool off,’ and property doesn’t appreciate in one year as much as it did in a previous year. There may be certain areas where prices even flatten out, but this is a far cry from a ‘bubble.’ Also, there are certain markets that witness extremely high appreciation for a number of years, such as Las Vegas or San Francisco, and may actually experience a small decline because they simply can’t keep up with the pace. But unlike the stock market, you can’t base what may happen in real estate on a national scale just by evaluating a few local economies. Whereas stocks are based on the national (or even the world) economy, the real estate market is based on local (or even micro-local) economies. There really isn’t a ‘national’ real estate market where one can predict what will happen across the board.

The term ‘bubble’ traditionally implies an artificially inflated valuation that is likely to ‘burst,’ such as the dot.com bubble we experienced in 2000-2001. Before the ‘pop,’ those stock prices weren’t based on intrinsic value, but on mere speculation of future potential values.

Real estate will always have inherent value because someone can live in it. Would you move if your neighborhood went down 10% in value? Probably not. But compare that to the stock market where millions of investors can sell off their stocks in moments by clicking their mouse.

So while it is possible that a local real estate market can reach a peak and flatten out, this doesn’t mean it is collapsing, which is what the media tends to portray. Maybe the real estate values in your city have appreciated 20% or so for the past few years, but this year it is projected at only 10%. We are led to believe that the bottom is falling out, even though 10% is still great! In this scenario, we see headlines stating, ‘Average Real Estate Prices Falling,’ and we question the validity of real estate investing. We can’t give in to those manipulative and deceptive tactics!

Buy real estate and rest in the fact that you won’t lose, if you buy it correctly. Your real estate will be around five, ten, and thirty years from now. Will that company you invested in be around in that period of time? Maybe – maybe not. With the numerous recent corporate failures and buy-outs, the chances are fairly large your company will no longer exist.

The bottom line with real estate, however, is that the market has little impact on your wealth-building plan.

I call you blessed!

Billy O’Neal