Hang in there-it's going to be a bumpy ride!

By
Real Estate Mortgage Broker with Alaska USA Federal Credit Union MLO#109666

Good morning! I was just thinking about the state of our economy and the worldwide economy for that matter. Today the Dow Jones Industrial Average is down over 400 points and broke the 10,000 point barrier for the first time in a while. Obviously, the $700 billion governement bailout did very little to assuage the public's fears.

It appears we're in for a bumpy ride. Credit remains tight and corporations are laying off workers. Still, I think it's important that we hang in there and support each other. We may have further bad news before things get better, but eventually they will. And those of us who stick it out will be handsomely rewarded.

My prediction? Expect a slow rest of the year and possibly into the first half of next year. We're going to have to get used to a new President and it's obvious the banks need time to solve their ills. I still believe that next Spring or Summer will reward us in the real estate business. I'm hearing good news in certain parts of the country (think Los Angeles and Las Vegas) as far as home sales go. Statistically we've been down for close to 2 years now and an upward trend is just around the corner. Will it be a big move up? No, but we will welcome the uptick. For those of us left, there will be numerous opportunites as the playing field has diminished greatly.

So hang in there! Let's all encourage each other to keep going. After all, an acquaintance of mind mentioned over a year ago that "people are always buying and selling real estate. So true. Have a great and prosperous day today!

 

Paul

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Location:
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Loan Officers - The tough nut to crack
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Rainer
73,912
Sarah Eubanks
Preferred Oregon Loan Consultant & Notary Public
Hill Valley Financial Services

Paul, thank you for the encouragement.  It clearly is getting worse before it gets better.  That being said, there is always a light at the end of the tunnel and there is always HOPE!  :-)

October 09, 2008 05:06 PM
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437,023
Paul McFadden
Mortgage Loan Officer, Bellevue Washington Home Lo
Alaska USA Federal Credit Union

Thanks, Sarah. I appreciate your positive attitude.

Karl: I plan on being one of those! Take care.

Bo: Thank you. Actually you're the man. Have a great day!

 

Paul

October 09, 2008 06:25 PM
Rainer
54,602
Keith Manson
First Weber Group/short sale/cdpe/gri

All you can do is focus on the things you got to do to prepare for the future.  Use this time to make a dent in the market and your relationships.

October 09, 2008 08:48 PM
Rainer
22,922
John Bethell
John Bethell Title Company, Inc.

Paul: I think you're correct about when this thing will turn around. There's lot of chicken littles in the media. A some point what's happening will become old news and they'll move on to the next hot issue. Then we'll start heading back to normal.

October 10, 2008 05:10 AM
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Paul McFadden
Mortgage Loan Officer, Bellevue Washington Home Lo
Alaska USA Federal Credit Union

Thanks, Keith. That's what all of us are trying to do. Have a great day!

John: Thank you. It may take a while to get back to normal but we will. Take care.

 

Paul

October 10, 2008 07:27 AM
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Paul McFadden

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