USA ability to come out of recession

Mike Greeff, CEO of Greeff Properties, has returned from a eleven day visit to the USA which, he says, has given him total confidence in the USA’s ability to come out of its recession, to revive its residential property market and to start tackling its serious national debt problem in a realistic manner rather than, as before, delaying the evil day endlessly.

Greeff was one of 3 500 guests from all over the world invited to attend the 58th Prayer Breakfast, an annual congress originally initiated by President Eisenhower.

This, said Greeff, is a growing Christian group who believe that by recommitting themselves regularly to the Christian way of life and code of ethics, they can help the world find peaceful settlements beneficial to every nation on earth.

“The focus this year was very much on Africa and its problems,” said Greeff, “but throughout there was very little scepticism. Instead I found a belief that Africa can “make it” as a continent – many of the talks were on those lines and all stressed that our problems are not insoluble.”

The “breakfast” in fact covered two whole days and included lunches, dinners, a tour of the capital and meetings with concerned senators and NGO organisations.

Greeff said that he was amazed at just how well informed certain statesmen are on African affairs and the depth and sincerity of their goodwill to our continent.

Asked to give his impressions of the much publicised “recovery” in the US house market, Greeff said that it is a reality but will need another 24 months of adjustments to work itself out.

“To date over 55% of all repossessed homes have been sold and only 18% of defaulting bond payers have been sued for debt recovery – all the rest have been able to do a deal with their banks. House prices are now stabilising in all except a few states and in some house prices have started to rise. Even Miami, which had a high proportion of holiday homes, is now on a recovery path.”

The US’s problems, he said, were a great deal more serious than ours but they had tackled them head on. As in SA, those who have the resources have been able to get in and buy investment properties at bargain prices.

“The general feeling is that this collapse has brought reality back to the market. The price of all homes had become unrealistically high and new homes were especially costly. Developers, builders, banks and investors will all now operate more rationally.”

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