IT all started when mortgages and other forms of credit tumbled down in the United States one after the other. Then both the Dow Jones Industrial Average as well as NASDAQ took the cue and also hit hard by January. Stockholders from all over Asia noticed the development and started a selling spree which caused markets from all over the region to also tumble down one after the other. Stockholders in Europe cautiously held back and collectively decided not to abide by the same selling spree. The markets there made it almost over the edge. As a result of the Asian markets’ fall, the Dow Jones Industrial Average the next day opened at 300 points low. That’s probably the lowest market opening this decade as far as I can recall. Then the Federal Reserve took action and cut the interest rate into the largest gap I have ever known. This made the Dow Jones Industrial Average taking only 100 points loss on its closing bell that day.

Because of those events last week which lasted for two days, people, especially economists, all over the world are now edgy that a United States recession will definitely affect their countries. But instead of panicking, now is the time to act. Instead of selling or bailing out your stocks, now is the time to spend. Spend or invest in a house for instance. If you’re someone from New York City with Spanish blood, why not buy a vacation villa or two in Palma de Mallorca and lease it to other tourists? That way, you are not just contributing to the economy of your home country, you are also earning.

In the United States, areas such as Lake Tahoe are ideal real estate investment spots during winter. Now is the time to forget the deadly fire that has hit the area last summer. Now is the time to rebuild lake houses with a stunning view of Lake Tahoe just like Keanu Reeves’s character in The Lake House. The same is true in Greece. Beautiful areas which were devastated by fires last summer are now becoming real estate developments. Investors are bullish and resolute. They are confident that if they are working together, they can prevent the whole world from plunging into a recession or worse, a Depression.

As 2008 enters in the southern island of Mindanao in the Philippines, a lot of real estate investors are swinging by. This development is actually not just common there but is replicated all over the world. In the beautiful city of Valencia in Spain for example, there are also lots of subdivisions and condominiums constructed in the Mediterranean coastal area in anticipation of two great events – the Spanish Grand Prix for the Formula One Race this summer and America’s Cup the next. So whatever country you are located in the world – whether in Russia or Israel – buying a house is one form of lifetime investment that you can contribute to the stability of the planet’s economy.

If it is abroad you are looking to buy houses, especially in tourist regions such as Spain, remember to do your research at the agencia de viajes before signing anything - you want to ensure where you buy a house has good and economic flights there - so you can go as often as possible to your sunny Spanish home and also so that you can rent it to a wide group of people. The travel agency will be able to give you seasonal tariffs to help you establish this factor in your home purchase - once you have the good flights, you’re ready to go!