http://boston.bizjournals.com/boston/stories/2008/10/27/daily9.html
chip case and barry bluestone comment above....
also....foreclosures surging:
http://boston.bizjournals.com/boston/stories/2008/10/20/daily27.html
Here's what we are seeing...
1. inventory is being sld and not replaced (other than foreclosures)
2. sellers (whether distressed or not) are dropping prices to finally get homes sold (why price declines are huge but sales #'s are up)
3. These are classic signs of a turn in the market that shows an uptick - see also case/schiller
4. prices are still relatively unaffordable (see downtown and see bluestone)
5. October is a nightmare (look at UAG stats, statewide and Boston) - "DON'T WAIT FOR OCTOBER SALES DATA WHEN THIS ANALYSIS WILL PREDICT THE FUTURE" - mostly becasue of news coverage - see point 7
6. Macroeconomic picture is unclear - stimulus up the whazoo will have effect sometime (soon?) - see Dow 10% gain and credit crisis easing
7. news of economy and pres race has become a joke of a self fulfilling fantasy - see mccain get ripped on for saying fundamentals are realtively healthy - he was right!....see also actual gdp data....
8. we are of course in for a recession becasue of the biggest cowardly acts of mismangement and false coverage blowing events way out of proprtion scaring business and people into inaction and taking drasti, unnessesary action - Hed mentality. Buck the trend and win.
9. the real estate business has been in recession for 3 years in Boston - but prices in desirable communities have held - foreclosures are what really drive prices down
10. Volatility is a fact of life and it doesn't make planning easy - i am a business owner and I know first hand about that...budget, what budget?
11. Maybe some sense and reason will be brought to bear after the pres election is over and we know which direction the country/economy is heading. Right now, there is so much "unknown" it is creating a crisis of confidence leading to a real crisis.
Top 10 reasons why our economy sucks!!
"You want the truth....you can't handle the truth!"