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View Poll Results: Recession? | |||
No recession - just isolated parts of our economy | 11 | 6.71% | |
Recession - bottomed out, going to get better soon | 12 | 7.32% | |
Recession - going to get worse before better | 85 | 51.83% | |
Recession - going to get real bad | 56 | 34.15% | |
Voters: 164. You may not vote on this poll |
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05-30-2008, 07:12 PM | #151 |
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Location: Jacksonville, FL
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yeah, those areas are destroyed from what I hear. We were able to avoid the massive run up so I dont think we'll see too much more downside BUT the foreclosures have just begun to hit the market in massive amounts and we wont escape those in full. The summers are usually slower anyways but this one has me a bit more nervous.
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05-31-2008, 07:00 AM | #152 | |
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For the Economy, certainly foreclosures, lower home equity and the impact of oil will impact buying behavior. But unlike late last year when the foreclosure mess was still in denial, it is an acknowledged problem now and government/industry is actively trying to deal with it. Alot of people will still be hurt but overall, I am optimistic. P.S. I know there are pundits on this board that doubt the impact of the rebate checks but hey, I for one spent it on American companies (albeit foreign made) products and believe there will be some positive impact. |
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05-31-2008, 07:04 AM | #153 | |
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Which city is impacted worst? Which city will rebound first? After the rebound, which city will appreciate most? |
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05-31-2008, 07:08 AM | #154 |
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Location: Jacksonville, FL
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whew....from what I hear, only hear and read, those cities are looking bad for a long long time.
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05-31-2008, 10:27 AM | #155 | |
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I live in the Tampa area currently and while I think we are yet to hit complete bottom, I dont see it getting dramatically worse...although dramatic could be a highly relative term. If I had to project(and I'm no expert on these things), I would guess that Miami was likely hit hardest, followed by West Palm, Tampa, then Orlando. Recovery? Miami, then Tampa, then Orlando, then West Palm, then Naples. Miami & Tampa have reasonably strong economies overall, which will help the housing markets(arguably the 2 biggest drivers of the previous FL housing market spike), next is Orlando(tourism and the like). West Palm I see as a very difficult market to recover as quickly, as even though it is reasonably close to Miami, it is not a tourist hotspot, and is really more of a place for people who's jobs are driven by Miami, but dont want to live in Miami. So commutes are fairly lengthy for many people, and their likely will be a scaling down of lifestyle for that area...which doesnt bode well for the working class there, thus lowering the attraction for new homebuyers to the area. Naples is a bit of an enigma to me...it could go either way in terms of recovery. It's primarily an area of haves and have nots...not a ton of middle class industries...so who knows? Do investors come in and try to leverage the area, or do the working class go under, thus making it a "rich-only play area". Sorry...I'm too lazy to check all of my statements for factual accuracy at the moment...but thats my impression having lived in most major areas of the state over time. But I'll say this...looking at pricing in the Tampa area and comparing it to even more rural areas of the state...I have to think Tampa area will recover as well as most other areas, if not quicker. |
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05-31-2008, 03:29 PM | #156 |
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A rebound on house prices won't happen until people believe its happening - its a chicken and egg situation ....
Similarly such 'crashes' are made worse because people believe one is going to happen and so hold off buying, which in turn weakens the market. (price bubbles are simply the opposite effect where people are desperate to buy and believe houses will rise if they don't get in NOW, hence they over-bid and by effect cause the rises) |
06-06-2008, 12:58 PM | #157 |
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gee given the news today i think the "getting better" camp definately got it wrong. i think we're just beginning the "2nd leg down"
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06-06-2008, 04:00 PM | #158 | |
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Although we were not in the formal definition of a recession in 1Q it doesn't mean that we are not in the beginnings of one 2Q. |
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06-06-2008, 04:48 PM | #159 |
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i dont know. 1 day's analysis, especially on a historic day, like today, it's tough to say what is going on.
Some argue the jobs 3 wasnt as bad as stated due to the kids from HS entering the job market. Oil jumped $10 today on weak news, IMO. but what the hell do i know, im generally exactly wrong.
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06-06-2008, 07:27 PM | #160 |
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Perhaps we're in a volatile Recessory.
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06-10-2008, 01:17 PM | #161 |
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Join Date: Apr 2005
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It's tough to get a handle on things. You have the bad side, then you'll get a glimpse of good news.
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06-25-2008, 09:04 PM | #162 |
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Location: Miami
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So I applied for a job at the hospital and I was told that there was a freeze on hiring. This is the third job that has told me that... How long will this last because I would like to save a little money before I go to law school next year.
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06-25-2008, 09:28 PM | #163 |
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Not a huge problem (well, a big problem for buyers I guess), but a small pain in the butt for us with the fall out of what went on with the mortgage companies. Mergers, and then more mergers. We have a few houses that are kind of 'on hold' with people waiting for responses to their offers because the mortgage/asset management companies have been merging and screwing things up with people not know if their head is in their ass or not. The people at these companies left over that is. We had been dealing with the Houston office of one company for one house, find out one day the office is no longer there. They closed it and no one told people like us who are selling their repos. Took my wife 3-4 days to find out who to deal with now as everyone left in the company tried to pass stuff from that office onto other people.
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06-25-2008, 11:07 PM | #164 |
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Join Date: Jan 2006
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I actually had an opportunity to speak to some financial analysts about two months back and their view was that the problems are far from over at this time.
They estimated that the total losses that have to be written off for the sub-prime issue is in the region of US$800 billion or so and, at least from a couple of months ago, the write-offs were only at about US$300 billion. They think that banks/financial institutions are going to slowly release bad news/more write-offs over an extended period of time so as to ensure the economy doesn't completely die overnight but that will also mean that market confidence will be very low and it'll be a long time before the market recovers. Hopefully the above made some sort of sense since I'm not a financial person by trade. |
06-25-2008, 11:26 PM | #165 |
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Location: South Florida
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I'm hearing real estate in South Florida has been flat for the past couple of months...which is better than being in free-fall, like is has been for about a year or so. Whether it starts to come back this year or not will depend a lot on the hurricane season.
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06-25-2008, 11:35 PM | #166 |
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Join Date: Oct 2005
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Maybe the worse is still ahead with all the damn uncertainty. Although strangely enough, I've seen 2 additional for sale signs on my street (3 total now) in the past month ... we'll see if they sell.
Regardless of whether or not we were in a recession 4Q 07 and 1Q 08 (which we weren't officially), I concede there is a chance that we can dip into one. FWIW, there have been some warnings that bonuses/raises won't be as good this year for my big-4 company. |
06-26-2008, 02:12 AM | #167 |
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Just an outsider's POV.
The US is in recession, and as a consequence, the entire world is basically on a downswing.
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06-26-2008, 06:56 AM | #168 |
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Location: Jacksonville, FL
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I too think were heading into a recession in Q3/Q4 which is in contrast to those who think things will pick up then. Considering that usually Im exactly wrong take it FWIW. Housing here has stagnated so I cant imagine that S Florida is finding any footing but what I will say is generally in fliorida Summer selling is tough anyways so if a seller is "ok" leaving prices alone on their house for sale, "cuz its the summer" I can see some flattening but when we get to august/september and the expectations to sell it rise I'd expect to see pricing get more aggressive.
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06-26-2008, 03:05 PM | #169 |
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Oil broke the $140 mark, Dow took a pretty nice fall.
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06-26-2008, 03:56 PM | #170 |
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I think personal anecdotes are only useful for the region you're in. Florida is doing bad right now, Boston/Mass is in kind of a holding pattern/slight recovery, but when I was in Texas everyone I talked to said the economy was taking off (and that seemed to apply to the rest of the Southwest). The US is just so big that unless it is a truly huge event - stagflation of the late 70's, boom of the 1990's - it is not going to hold true across the country.
I'd also like to see some academic studies of the media's role in economics. They certainly overplay the negatives, and that leads to lower consumer confidence, but I suspect the actual impact is minimal. The impact on a poll like this though is huge. A whopping 94% voted for recession when we haven't even had one quarter of negatice growth. Like they say, economists and the media have correctly predicted 10 of the last 1 recessions. |
06-26-2008, 04:15 PM | #171 |
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remember we said (along with Buffett) that it may not technically be a recession but for most American's it will feel like one.
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07-03-2008, 11:49 PM | #172 | |
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I see Starbucks is closing 600 stores in the next year and cutting 12,000 people. I kind of have the same feeling as you. It seems to be hitting certain areas harder than others. One thing that needs to get re-adjusted is the cost of going out. It seems a dinner out (a basic burger and fries meal, a coke or beer) is pricey. A night out to a movie is pretty expensive as well. Hell, even pizza is starting to get slightly expensive. |
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07-23-2008, 08:52 PM | #173 |
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so is the passing of the housing bill the throes of the bottom?
US housing bill may stem downward spiral: analysts - Yahoo! News
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07-23-2008, 11:47 PM | #174 | |||
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Last edited by BishopMVP : 07-23-2008 at 11:53 PM. |
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07-24-2008, 12:07 AM | #175 | ||
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It is very true that the media completely overplays everything, and the economy is no exception. Negativity makes for good headlines I guess, while any positive stories are shoved to the last page or completely ignored entirely.
With that being said, however, my wife (who does the majority of the grocery shopping) says she has noticed a large increase in food prices. One example is the cost of a head of lettuce. It used to cost around $ .50 for a head of lettuce, now it is $1.50. Our food bill has gone up around $30 for the same exact grocery list we have been using for months now. Don't get me started on gas prices. For those of us with children, the cost of everything going up is huge. It affects everything we do, including groceries, travel, and leisure activities.
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07-24-2008, 07:29 AM | #176 |
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Bishop: I've heard a lot about a global slowdown. Admittedly you don't hear European economic news as often as American on the networks, but theremay be a good reason for that.
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07-24-2008, 07:40 AM | #177 | |
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Easily the biggest run up on grocery prices I can recall in my lifetime. And to be honest, much more noticeable to me than the gas difference over the past year. I've been consistently surprised how little play the food cost difference gets in the media compared to the gas. Never mind any connection between the two, I rarely hear food price increase mentioned, to the point that I had wondered at times whether it was all it my head ... then I looked at the receipt again & knew it was very much for real.
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07-24-2008, 07:57 AM | #178 | |
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The food price increase isn't even noticeable around here, since the hippies that live here (90% of the population) have been shopping exclusively at food co-ops for years now. The price of an organic tomato was already $3.99 a pound, so now that the "normal" grocery stores are almost that high, no one (other than me and a few other po' people) even cares.
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07-24-2008, 08:01 AM | #179 |
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07-24-2008, 08:59 AM | #180 |
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Well that and European Central Banks thoughout history have been far more aggressive on combating inflation, meaning that economic growth of ~2% has been considered decent in Europe, while in the US we go for more ~3%.
But yes, there is plenty about a global economic slowdown. It was especially noticable when the Brits had to bail out Northern Rock.
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07-24-2008, 10:30 AM | #181 | |||
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Another thing that is in the "hush-hush" category is the fact that food is now being sold with lower portions for the same (or even more) price. Example: a box of cheerios that in the past was 16.5 oz is now being sold in a 15 oz box for the same price (or more in some places). This way, the manufacturers are not losing as much money and the average consumer never notices the decrease in serving size.
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07-24-2008, 10:48 AM | #182 | |
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I'm not sure the word "now" was necessary there. This has been going on for years and is a fairly common cost saving measure. |
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07-24-2008, 11:42 AM | #183 | |
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Is Northern Rock an investment bank, or a regular savings and loan bank? |
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07-24-2008, 12:37 PM | #184 | |||
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I was just comparing the prices of perhaps a year ago to the ones now as a reflection of the overall increase of the cost of food. I am positive this type of thing has been going on in the past, but it is more noticeable now to the discriminating shopper.
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08-28-2008, 06:18 PM | #185 |
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2Q GDP 3.3% is pretty darn good. Most give some credit to the stimulus check (that I promptly spent on a Dell Quad core).
Not out of the woods yet but pretty good week for the market so far. |
08-28-2008, 07:20 PM | #186 |
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eh, youre leaving out the fact that this number is buoyed by higher than expected exports due to the weak dollar. This parachute will get smaller going forward, unfortunately.
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08-28-2008, 07:23 PM | #187 |
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08-28-2008, 10:02 PM | #188 |
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08-28-2008, 10:57 PM | #189 |
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08-29-2008, 04:31 PM | #190 |
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Bucc would be referring to Obama (presumably) taking office, and the media narrative switching almost immediately from bad economy to good economy.
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08-29-2008, 10:47 PM | #191 |
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In my industry things couldn't be better. Contractors are picking and choosing which jobs they bid due to having so much work now. The only problem they are having is a shortage of skilled welders (which is fine by me) and fitters.
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08-30-2008, 09:58 AM | #192 |
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My company is having some tough financial times solely due to the plumetting number of new homes (i.e., reduced revenues from new water hookups). We have been enjoying steady growth for 15 years but since we had to put this year's budget together in mid-2007, we ended up overestimating the revenues from hookup, as well as the catch-22 situation of water conservation. However, if you look at our job postings, there are a number of constant high-demand openings, particularly for electric linemen (which there is a nationwide shortage), pipe welders (as Warhammer mentioned) and certain IT positions (which require tons of experience).
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08-30-2008, 03:38 PM | #193 |
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08-30-2008, 03:58 PM | #194 |
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08-30-2008, 08:14 PM | #195 |
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Ah... I work for a company that produces mechanical couplings for piping systems. I've been able to make some in roads in Memphis because contractors here can't find any one that can weld pipe anymore. Plus, for renovations no flame is much safer.
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08-30-2008, 10:31 PM | #196 |
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I see things staying soft at least 'til next year.
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08-30-2008, 11:28 PM | #197 |
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Am i the only one seeing a massive run-up on gas/food/pretty much every other fucking thing on the planet over the next month? Gustav is going to make us his bitch.
Anyways, it's starting to turn around somewhat at the retail store I work at. Maybe it's just the pre-football run up on TV's, but it was fucking barren for the majority of the spring/early summer. Even moreso than normal IMO. |
08-31-2008, 11:25 AM | #198 |
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That's the thing about IT- there is always a need for people with exorbitant amounts of experience. However, over the past 10 years, entry and mid level jobs have been decimated in this country so it's very difficult to reach those experience levels. It's cheaper to send the entry level stuff overseas and then companies have been working on eliminating "mid level" jobs because they cost too much and make them "entry level" while wanting lots of experience. SI
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08-31-2008, 11:30 AM | #199 | |
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Well, really, retail's sweet spot is the 3 months before Christmas. Back-to-school also gets a lot of attention, depending on the industry. SI
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08-31-2008, 08:28 PM | #200 |
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Working in the legal industry (albeit not in the US), the partners have a very pessimistic outlook on the overall economy until 2009.
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