In a Reuters Breakingviews, legal writer, Reynolds Holding draws an interesting comparison between the economy, so dependent on the recovering health of the housing market, and the National League pennant winners. But the same comparison can be drawn between the Mets and the housing market.
“Like corporate America, the Mets were sizzling in 2006, coming within an inning of their fifth appearance in Major League Baseball’s finals,” Reynolds writes. “The bottom dropped out in 2009 – more than a year after the great recession hit – and the team struggled through losing seasons until 2015.”
Reynolds blames misguided signings and a fraud perpetrated by Bernie Madoff that benefitted Mets owners, their families and businesses for the once great club’s fall from grace in the late aughts.
The Mets, of course, swept the cursed Chicago Cubs last Wednesday to restore the club to its former glory.
As for the housing market, the bottom fell out in the mid-2000s – much of the blame falling on faulty mortgages and fraudulent activity.
Today, however, signs of a recovered market are impossible to ignore – especially when looking at the most recently released stats.
U.S. home sales rose to their highest monthly pace since February 2007 this past September. The National Association of Realtors said last week sales had increased 4.7% to an annual rate of 5.55 million units.
And underwater properties are on the decline as well.
According to stats released by RealtyTrac Thursday, the number of seriously underwater properties dropped 525,000 in Q3 from the previous quarter.
More impressively, underwater homes were down 1.2 million year-over-year.
So brokers looking for a team to rout for in the World Series may have to look no further than the New York Mets.
They both seemed down and out just a few years ago, but both the market and the New York Mets are back … and better than ever.