Food For Thought

By
Real Estate Agent with Coldwell Banker - Lewis-Kirkeby-Hall

On Friday, January 8th, an interest report emerged from CNBC.
I thought I would share this with all.
  The Construction Industry released some statistics:
Another 53,000 job were lost in the month of December.
This means a total of 1.3 million jobs have been lost since the recession began.
This has given us a 22.7% unemployment rate in the construction sector.
The impact of this has been felt in the new housing market.
Will this deepen or have  we reached our low? Interesting thought....
  In Realty:
Office vacancies are 17% which is up from the 14.5% of last year at this time.
This is the greatest decline ever.
Landlords that are lucky to have paying tenants in thier offices are getting 9% less rent than a year ago.
  Home Loans:
From non-agency mortgage backed securities
, 1.81 million loans are delinquent (over 60 days).
The  percentage of this is 32% which is up from the 25% a year ago.
  If you are interested in reading more about this please, check out realtycheck.cnbc.com
I know I for one will be interested in the rates of movement in these statistics.

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Rainer
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Kent Hobson
Spring Creek Ranch Realty - Jackson Hole, WY

The head of the Chamber of Commerce has spoken recently and says we may be looking at a "double-dip recession" due to the planned tax increases and regulations that have been planned for our future.  Not really what I want to hear. 

Jan 12, 2010 12:50 PM #1
Rainmaker
337,361
Duane Hosek
Coldwell Banker - Lewis-Kirkeby-Hall - Rapid City, SD

Oh, I totally agree.  None of us want to see this.  They have been cautioning about this since last year.  I know the Feds have been attempting to do something about this.  This was a very deep cut into our financial system.  With the greed and lack of prudent policies of some underwriters, this has caused some very deep excavation to our foundation.  It is my opinion, this is why they have kept the interest rate as low as they have.  I believe they are hoping things will turn around and banks will continue to lend with more conservative measures than practiced before.

There have been some very interesting testimony this past week on the Hill by some of the Big lending institutions.  They have been addressing the policies of the past.  Even though most of us do not wish to see government intervention, we may have no other alternative for the interim.  Regulators, as much as they are not wanted, may have to be to their elbows and we all have to look for a resolution and a road to reform.

What will this to do to us as a entity "realtors".  It can only be speculated at this point.  Reform has to happen...no matter how painful it will be. 

Some of those who testified  this week on the Hill said  they had to eat their own cooking, which was not a pleasant process.....  My question is how many of us will have to eat the sloppy seconds of that cooking?  And for how long? 

Jan 15, 2010 12:58 PM #2
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Rainmaker
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Duane Hosek

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