Good morning! I was just thinking about the state of our economy and the worldwide economy for that matter. Today the Dow Jones Industrial Average is down over 400 points and broke the 10,000 point barrier for the first time in a while. Obviously, the $700 billion governement bailout did very little to assuage the public's fears.
It appears we're in for a bumpy ride. Credit remains tight and corporations are laying off workers. Still, I think it's important that we hang in there and support each other. We may have further bad news before things get better, but eventually they will. And those of us who stick it out will be handsomely rewarded.
My prediction? Expect a slow rest of the year and possibly into the first half of next year. We're going to have to get used to a new President and it's obvious the banks need time to solve their ills. I still believe that next Spring or Summer will reward us in the real estate business. I'm hearing good news in certain parts of the country (think Los Angeles and Las Vegas) as far as home sales go. Statistically we've been down for close to 2 years now and an upward trend is just around the corner. Will it be a big move up? No, but we will welcome the uptick. For those of us left, there will be numerous opportunites as the playing field has diminished greatly.
So hang in there! Let's all encourage each other to keep going. After all, an acquaintance of mind mentioned over a year ago that "people are always buying and selling real estate. So true. Have a great and prosperous day today!