SADLY, no one paid attention when the subprime crisis hit the United States in December. The government was paying more attention than to the rising star of Democratic rival Barack Obama, the war in Iraq and the Farm Bill – concerns which are actually fake. The Farm Bill can only benefit the farmers and not the whole people of the United States. But in a subprime crisis, virtually all middle-income and low-income people are affected by it. It was only in January 2008 did the government realize the seriousness of the problem when Asian stock investors bailed out and recognized that something not unfavorable will be happening in the United States economy. The Federal Reserve hastened in cutting interest rates – the largest cut in recent memory. And President Bush drafted an urgent measure – an economic stimulus package – so that he can immediately sign it into law.

Sure enough, that economic stimulus package has been signed into law two days before Valentines Day. It was President Bush’s love gift to the nation sinking from a probable recession. There are many provisions of the new law concerning mortgage. First, it increases the ceiling of mortgage loans allowed to an individual from $165,000 to $700,000. Next, it grants extensions of the schedule of mortgage loan payments. And the last provision is it extends the qualifications of people who can avail of reverse mortgage where paying is only done when the borrower already dies. And then synonymous with the signing of the economic stimulus package, President Bush also ordered a complete overhaul of the system in Fannie Mae which was the subject of a scandal not too long ago in 1996 when executives of the state enterprise were found guilty of diverting mortgage payments into their own personal bonuses. That scandal surely did not contribute to the 2007 subprime crisis but even then, that sort of deed must not be tolerated. After all, Fannie Mae is the largest federal mortgage loan provider in the United States side by side with a similar state-owned enterprise, Freddie Mac.

With the economic stimulus package and with the reforms instituted at Fannie Mae, we can only hope that the economic recession in this beloved country is averted. But it’s not just the federal government which is implementing measures to ward off this potential crisis. Individual states are certainly doing their share. In Arizona, a total of 1.5 million homeowners are summoned for their properties to be assessed for tax declaration purposes. This is certainly not a strategy by the state government of Arizona to impose back to the people to solve an economic crisis but this is just a case of giving credit to where it is supposed to be due. If you have not been evasive in paying your property taxes, then you have nothing to worry about. After the tax assessor in your respective county in Arizona will valuate your property and you don’t agree with the findings, you can contest it within 60 days with written ground of your basis.

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!

ANY place on earth which has lots of investments will surely expect a real estate boom. Consider Northern Mindanao for example. Northern Mindanao is the part of the Philippines’ biggest island in its southern part. Northern Mindanao has a mixed culture of Roman Catholics largely influenced by the Spanish colonizers in the 15th century as well as Muslims who have been there since the Arabs have converted them some two millennia ago.

Northern Mindanao will soon be the site of the largest shipyard in the Philippines owned by the Hanjin Group of South Korea. Northern Mindanao will also open its international airport by 2011. Because of this, there are large chunks of real estate developments in strategic locations around the place, particularly in Cagayan de Oro and Misamis Oriental which are both nestled on plateaus. In uptown Cagayan de Oro, two big real estate developments are in full swing – Alegria Hills and Teakwood Hills. Another subdivision will soon rise in El Salvador City which is located west of Misamis Oriental. All have a commanding view of the Macajalar Bay. There is even another spot that has been discovered in a village called Indahag where the Laguindingan international airport can be seen in the distance.

Everybody in the United States knows that there is a huge mortgage crisis. But only urban and suburban housing units are affected with this hostage crisis. If you go deeper into the rural areas, the real estate industry is more booming than ever. Right this winter, the place to stay in the United States is Lake Tahoe. South Lake Tahoe has been the sight of recent brush fires, even destroying a few vacation homes of celebrities but this has not dampened the spirits of the individuals there. They have continued to rise from the ashes so to speak and the real estate sector there is now up in full swing. Vacation homes and mountain cabins continue to sprout especially in areas where there is a spectacular view of the lake like that one in the movie starring Keanu Reeves and Sandra Bullock, The Lake House. But unlike the lake house in the movie, the one situated near Lake Tahoe experiences snowfall in the middle of winter. So that must indeed be a magnificent sight.

In Spain, the hottest properties nowadays are found in Salamanca and Valencia. Salamanca will be featured in a soon to be released movie in 2008 (it’s a thriller one so it must have generated much publicity in Salamanca even though the movie is shot in Mexico). The movie, Vantage Point, stars Lost topbiller Matthew Fox as the villain in the movie so fans will surely want to see the film with Fox as a villain. And movie fans will later see how Salamanca looks like as depicted in the movie. Of course, Salamanca looks amazing in the movie. That is one way to entice real estate buyers in that area.