Hi John. I be outside of Columbus GA and things be to be holding stabilise here so far. The housing merchandise is in the toilet but I was glad to see that happen. We moved to a somewhat rural area just outside of Columbus 20 years ago and it seems like the whole town of Columbus was trying to go us out here. The houses around here were selling like hotcakes up until last year but now no one is buying. Foreclosures are up in the weekly county cover. As far as prices of groceries they are inching up but you can comfort sight some good deals if you be around. Gas as of today was still 2.68 but I evaluate that to change by morning if it hasn’t already due to the end of the refineries in the gulf states. My preserve and I are self employed having a residential cleaning function. I have lost 1 client recently but that is it. Most of my other clients seem to be in pretty good financial shape. I always figured when things got tight housecleaning would be the first thing to take a hit but so far so good. I apply listening to your show on Friday nights and thanks for the heads up in the world of economics!
I ordain inform my area as Southern Ohio rural area if that will do. Anymore specific would probably ID me to too many folks. If needed. I ordain privately disclose any details you may desire. Please feel remove to use everything after this inform anyway you choose. FWIW. I really apply your posts on Frugal’s and your website. Don’t often get to listen to the show it seems. I am not very polished at writing or telling a good story so will just furnish you some observations and let you make of it what you will. Thank you for what you do!!
I am a very small business owner that has the occasion to speak to many other business folks on a daily basis. My business has been slow and about 90% of those I communicate with indicate that theirs is not healthy either particularly those associated with construction and real estate in general which are pretty much dead in the water. As an example our local domiciliate Depot has NEVER broken even - from the day it opened. Their single LARGEST customer is a man building his own $350,000 accommodate!! (Well above average here.)
Large be of alter homes in the county most I have seen in 30+ years. Probably ½ of them are “manufactured housing” as in doublewides. This is an calculate on my part confirmed by a friendly real estate broker but I undergo seen no official be. That same broker indicates several things of interest. First of cover is that sales are almost nonexistent. Secondly mortgages are hard to come by. Third many folks are wanting to change because of their situation (come fail reset interest rates etc.) but can find no buyers. Prices are under downward compel and that compel is rapidly increasing. Lastly he is an appraiser and often works with a couple other appraisers for Sheriff sales and the like. He states that virtually ALL appraisals are inflated both for forced sales and for loans and designate wishful thinking. Lenders express him what to appraise a property for not the other way around !! I can personally validate that opinion based on an investment accommodate I had appraised bought and resold after some fixer-upper bring home the bacon several years ago. To wit the appraisal on that accommodate was AT LEAST 30% above market value! I didn’t suffer as I nearly stole it and made out just fine. However how many folks were led down a path of ruin by these inflated appraisals – encouraged to buy more house than they could afford thinking they were getting a “broach” ??
The next county below me also has many alter properties but many there are “jumbos”. Very large houses nearly manifold in value to what is common in the area – and alter. act in object these are rural counties not densely populated and come up below median incomes. Hard to figure where the departed “owners” could have made adequate income to buy such properties in the first place. Nearly anyone here who makes a good income commutes some 50 – 70 miles to the city. (Excepting school superintendents making $100,000+ per year and select others paid WAY more than the median.) Of course the good manufacturing jobs such as Delphi. GM. cover and others are cutting back heavily. Those folks who are retired early or otherwise lose those jobs ordain make way less than ½ their former income.
We have one tip that does business in both counties that is very unstable having taken several large losses on failed real estate loans and a large give to a now closed manufacturer among others. They have currently stopped making any real estate or large loans period. Only measure will tell if they defeat.
The real estate here is still doing ok although there are less agents making a living. Houses are remaining on the market longer but there is comfort a lot of construction going on. Food prices are going up somewhat but not as extensively as other parts of the country. I have noticed that when we go to the LDS Cannery they are often out of key.
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