After watching several leading economists on television yesterday, here is a shocking recap of what they had to say:

1) with over 1 million excess homes on the market & over a year of excess inventory, they anticipate prices of homes to decline another 15%.  All real estate is local and their opinion was a general one - that could or could not happen in your area. 

     a)  Are you holding onto a depreciating asset? 

2) bank credit turns negative - the sharpest fall in over 30 YEARS!  What this means is that the banks have tightened credit so less money is available.  First time home Buyers have been squeezed and are unable to buy - they are the 1st domino in the move-up chain.  If they don't buy, everyone else sits and waits.

3) we (USA) have dumped our financial problems abroad - Spain & Britain are in worse shape than we are.

4) it was announced today that Canada is tightening their credit, so that what is happening in the USA, will not happen in Canada


Posted by:  Carol Best

http://www.CarolBest.net

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