Well I couldn't sleep last night. As is often the case I was thinking about business just before turning in for the night and as a result tossed and turned for hours. But they were not totally unproductive hours. I was able to compile a list of related industries that have been severely affected by the housing meltdown, none of which, to my knowledge, have been afforded a bail out by the Federal Government. So, I thought I would share my list.
- Furniture Stores
- Kitchen remodelers
- Lighting companies
- Pest companies
- Real Estate Agents
- Settlement Agents
- Title Abstractors
- Warehouses specializing in home repairs
After having this list run through my mind and thinking about all of the blogs I have read recently about lenders making it harder and harder to get loans, I was no less worried about my little slice of the pie as an owner of a small independent title agency.
I know that ranting and raving about the economy in general will get us nowhere and that it will take some time for this thing to turn itself around. But I will say that I was actually surprised by the number of industries that crossed my mind that are either key to or complimentary to the real estate industry as a whole that have been severely affected.
It's no wonder that there are MILLIONS of new foreclosures either pending or getting ready to be filed. Every conceivable industry is somehow directly or indirectly related to the strength of the housing market. We can only hope that at some point relatively soon the powers that control will see that bailing out the banks, while was probably the only viable solution at the time, did not make a bit of difference since they continue to allow the banks to drag their feet in approving loan modifications, take endless months to approve short sales, disallow loans to folks on short term disability or who are now pregnant, have recently had a child, and on and on and on.