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When will the market correct? Your predictions please.
Good morning! I just finished reading the Seattle Times online (www.seattletimes.com) about J.C. Penney announcing  reduced  earnings forecasts for the first quarter of 2008. What followed were a series of short interviews with people around the nation about the state of our economy. Most of them said that they were cutting back. Yes, there's still a huge air of uncertainty out there about where our economy is headed. Probably quite a bit of it is psychological in that unemployment is still fairly low (4.9% at last count) and wages are not declining.  Some of the data is real though such as higher gas and food costs.
We've been luckier than most here in the beautiful Northwest but the real estate market is still awfully slow. I haven't done any purchase transactions this year with realtors and the few clients who were interested in buying decided to rent for now. That's in spite of the fact it's a buyers market with low interest rates and high inventory. One of my friends who is an experienced loan originator has gone from a high of 120 transactions/year to 60.  And they're the top producer in their office. So the signs are all around us that the market and the economy ... more

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