Foreclosures are still in the news, but some positive signs for Nov. US figures-we are up 68% from 2006, but down 10% from October. As for GA, we are now #7 in the US, dropping 21% from Oct (up "only" 27% from 2006, stats from realtytrac.com). What's this mean? BUY A HOUSE! Why do we still have so many fence-sitters? No clue as we have low rates, high inventory, motivated sellers, so go figure? I still think the media needs to shut-up and let some positive vibes flow! Reports? The Fed did drop rates a quarter but the R word still threatens. The Fed also dumped some $ into the system so that banks have more money to lend. This is important so that banks can obtain $ w/o looking 'weak' (which would further damage consumer confidence). Retail sales have been 'okay' but people keep waiting for 'the big sale', though I think we've seen the best pricing. Perhaps sales will be down and there will be 'fire sales' before year-end so you can spring for a larger TV... The National Association of Realtors thinks that existing home sales will rise in 2008, but new homes won't see much recovery until '09. I actually think new home sales will start to rise in '08, but the bad news lies in the fact that builders still have excess inventory & homes will continue to sit until Summer. Rates should still remain under 7% which blows my mind (remember the Carter era?) but the key thing to remember is that we live in GA, our prices are reasonable, living costs low, & living standards great! New regs? Check out what the FED has in mind here.
Friday, December 21, 2007
My email newsletters are ordinarily split into three groups: Wine Tips, Economic News and Miscellaneous ramblings. Instead of saving each 'full' email in one blog, I split them into three separate blogs. Here we have the Miscellaneous Ramblings blog, which is "Bo Knows". The Economic News blog is "Bo Knows The Economy". Finally, wine tips can be found at "Bo Know VINO". All in good fun.... If all else fails, check out my website too! Cheers!
These are random musings, soapbox items and overall madness concerning the economy. I basically read a bunch of articles and come up with my 2 cents on the subject matter (though worth much LESS most likely). Feel free to slam the thoughts or (even better) agree with my thoughts! All in good fun... Cheers!