It's hard not to forget the late eighties hit by Bobby McFerrin, "Don't worry be happy" As of late the news consistently delivers gloom and doom and in a sense I like many perpetuate the ramblings. The common theme is the Real Estate markets and financial markets are in turmoil in the United States. Granted not all markets are the same. Being fortunate enough to live in the Triangle area our market has suffered but not to the degree felt in California, Arizona and Michigan.
Now with congressional hearings on a 700billion aid package for financial institutions being tabled I like many am very curious of the outcome. I certainly believe an aid package is about to occur but like you wonder of the repercussions. The fallout of these circumstances will be felt for years. Asset deflation(housing) food and energy costs skyrocketing spell hard felt consequences likely much sooner than we expect. As I have said in the past Silver and Gold are very attractive
Real Estate will recover however, not likely for many years. Trying to make sense of this conundrum is difficult, and somewhat impossible. We have no one to blame but ourselves in believing that our houses will always go up, that we can borrow from our home equity to buy a new car, vacation home and designer clothes. "Tommorow never comes" my Dad always used to say to me. I'm still not sure what he meant but somehow it seems fitting>