i work construction and i have been told and noticed a huge decline in building right now. a job i applied for that usually only has a handfull of applicants had over 220 people gunning for the same position.
2006-08-28 15:06:21 · 7 answers · asked by ben b 1 in Business & Finance ➔ Small Business
sure the economy is slowing down due to high utilities , gasoline , and the home sales are way down and the credit card debt is way up . Proof is look at all the people in here willing too pay high interest cause they were stupid and wrote bad checks and forgot to pay the credit card companies . They all got a sob story and most could of been avoided by just saying no . Restaurants had their worst 6 months ever . The national deficit is almost 3 trillion dollars and the interest is crushing us . we borrow to pay for health care , the war , social programs , and to keep the government running . Yes the housing market has finally receded off its highs too as the interest rate rises and homes are not selling unless the prices are dramatically reduced . Some people can not even sell their homes cause their home equity debt is greater than the house .
2006-08-28 15:12:59 · answer #1 · answered by Anonymous · 2⤊ 0⤋
I think economy and construction business are not very closely related. I agree that when economy goes down, people have less money to spare and can spend less on housing. But consider these.
Housing market is afterall a local market. The house prices are imbalanced in Silicon valley. You pay 700K for a 25 year townhouse? That is too much inflated. So the prices will go down there. Market will go down.
Take Cincinnati. You can get a decent single family house with 4 bedroom for under 300k. That is underpriced and will go up now.
Just my thoughts.
2006-08-28 22:13:08 · answer #2 · answered by NapWala 2 · 0⤊ 0⤋
The proof is just about every temp assignment I am working for is to assist in closure of extremely high bankruptcy records. This past 2 years, the bankruptcy went overboard. It is a sad tragedy.
It is getting extremely worse for mortgage companies. They are not making money, but actually losing due to customers are not able to make their ends meet. Everyone is hurting except for the rich because guess who is going to buy all of those properties once they are in bankruptcy.
Truth hurts.
2006-08-29 00:36:29 · answer #3 · answered by SweetBrunette 5 · 0⤊ 0⤋
Hahaha...how about a skyrocketing foreclosure rate in Detroit? Hahaha... Shanty towns galore, no one can afford their homes anymore mate.
I've got my pick of the lot in the next year when I decide to buy a home. You can walk up to any home now and demand a $20,000 discount of the asking price....and get it.
Wow.
Sad, ain't it?
2006-08-28 22:27:54 · answer #4 · answered by MotorCityMadman 3 · 0⤊ 0⤋
The economy slows down when people think the economy is going to go down. Don't help it.
2006-08-28 22:08:58 · answer #5 · answered by trueblue88 5 · 0⤊ 0⤋
just wait it out, the market goes up and down all the time.
2006-08-28 22:12:46 · answer #6 · answered by Allison L 2 · 0⤊ 0⤋
THERE IS A DECLINE ALL OVER RECESSION AGAIN
2006-08-28 22:12:55 · answer #7 · answered by Penney S 6 · 0⤊ 0⤋