Quote:
Originally posted by turbo6bar
Kick a man, socal. 
Be cautious of the "It won't happen here!" mantra. The states with the highest foreclosure rates are in the midwest, Ohio Valley, and Southeast. The local markets will react at different rates and varying magnitudes, but the net effect will be negative.
We are seeing the final death blows as central banks around the world remove liquidity from the wheels that turn. In that climate, cash is good and assets are like concrete shoes.
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Dont go throwing high fives just yet...
My pulling out of that flip house was my wake up call that PSL was not going to fare well. House prices were more than double going rent. Although I decided the entire country was not going to fare well after the re-election. I made plans in 2004 to make sure I keep out of debt and have a good savings account.
What I fear most over the next year or two is the fact that I may have to lay off employees and possibly move my business out of Florida.
My only overhead with my business is my office rent/utilities and my payroll. I own every piece of equipment including my work trucks outright. No payments. I planned for these times to come. That is why my employees have all recieved 40 hour paychecks for the last couple of months while only having enough work for 30 hours a week, if that.
If it joys you an entire city is about to go belly up then yay throw the high fives. It upsets me to see an entire cirty that did not have enough vision to entice other business here. The entire cities economy is based on building homes and that is coming to a sudden stop.
Everyone has their fingers crossed it will pick back up. I think this area needs a year or two of no hurricanes and we might be back on track.