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Originally Posted by jyl
Do you agree? What do you see in your business? What is your outlook/prediction? If you are outside the USA, what are you seeing?
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Yes, but I have been expecting a recession for some time. My housing call was awesome, but the stock market hasn't gone my way.
In residential real estate, the market is certainly tanking. Wholesalers are having a much harder time moving fixer properties. Wholesalers usually sell properties at 50-60 cents on the dollar. Financing is becoming tight and investors are growing more cautious.
Personally, I have noticed several local contractors liquidating equipment and supplies. Plumbers and HVAC companies are hurting more than electricians in this area (west Tennessee). It doesn't surprise me as housing starts are down big.
The sector is obviously in recession.
As far as the rest of the economy, I really don't know. Pundits say the consumer will rebound with a rate drop. What the he!!? If a 25 bp cut fuel consumption, I'd say that indicates consumers are on the ropes.
I'm going to stick with advise you tendered earlier. Instead of timing the market, I'm investing in myself and company. I'm buying more equipment, and getting more training. While some companies and investors are scaling back, I'm pushing forward.
Choco, I was recently in Atlanta. I hope that economy is not reliant on housing, because I believe it (housing) is ripe for an implosion. The amount of speculative building is astounding.