The Falling House Market


The Falling Housing Market

Steve Patton


I read this week that the housing market is tough all over the country.  In Hollywood the 57,000 square foot mansion of the late TV producer Aaron Spelling was on the market for $150 million but they ended up having to take only $85 million.  However, they were able to get another $6 million for some of the furnishings and artwork.  Brad Pitt sold his Malibu home for $13.5 million after asking $18 million.  Wrestler Hulk Hogan's Florida mansion, listed at $25 million in 2006, is still on the market, for just under $9 million.   So, as you can see, the housing market is suffering everywhere.


Yes, I am writing with tongue in cheek.  It is hard to feel sorry for someone whose still gets tens of millions for their home even if it is significantly below the original asking price.  And that is how we often view the rich.  Why feel sorry for them?  They got it made.  So what if they lose a few million on a piece of property?  They won’t miss it.


It is easy to point fingers at the very wealthy and blame them for all of our problems.  That seems to be a popular thing to do right now.  And there is certainly blame to be placed on many of them.  However, is that the whole cause of our failing economy?  It is not hard to point out that many an average citizen, coveting that bigger house with all the amenities, committed to mortgages they really couldn’t afford.  The overall problem was not finances.  It was covetousness - by rich, middle class, and poor.  People were not in a mindset to “be content with such things as you have” or to remember that the “love of money is the root of all kinds of evil.”  They were carried away by materialism and jumped in with both feet.  Christians must keep their heads when it comes to material things.  It is part of daily Christian mindset.  Value the right things.  Don’t let the world be your standard.  “Seek the things that are above where Christ is, seated on the right hand of God.” (Colossians 3:1).