Well, the fourth quarter of 2008 has officially begun and with quite a bang. The stock market is in the tank and everyone is blaming the housing market and mortgage crisis. Truth to tell, the stock and futures manipulators have led us into a housing crisis, once again, through greed and arrogance. But - it's too late for all that now.

The good news is that, in the Upper Valley area, real estate is perking along at about a normal pace for the fall. It looks like prices are off about 5-10% and days on the market is up about 5-10%, but for a "ciriis" we're getting off pretty easy. Of course there is a load of unsold property out there that remains priced off the market because the sellers can't or won't bring their asking prices into line with what the buying public perceives as value. These properties are sitting. Properties that are priced right are selling and selling quickly.

Of course, the whole thing is a crap shoot after the election is over, no matter who wins. After living through quite a number of elections in my time, I've observed that rates are always artificially low, the stock market is always in a state of upset and oil prices drop like a stone just prior to a US presidential election. But once it's over - LOOK OUT! IT could turn into a cold, nasty, expensive first quarter, bail-outs and new administrations notwithstanding.