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alstry (36.00)

Who is going to buy a new house??????

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October 30, 2008 – Comments (6)

American Express to cut 10% of work forceReductions amount to about 7,000 jobsBy Greg Morcroft, MarketWatchLast update: 1:09 p.m. EDT Oct. 30, 2008

Many many companies in America are laying off 10% or more of their workforce.  NEVER HAVE SE SEEN SOOOO MANY INDUSTRIES AFFECTED ALL AT THE SAME TIME.  We are talking about millions of millions of people affecting tens of millions of people, families, and businesses.  It will not be too long before we are over 15% unemployment???

At that rate...how many houses will have to be sold and how many people will be in the market for a new house????

6 Comments – Post Your Own

#1) On October 30, 2008 at 3:26 PM, Evlampius (< 20) wrote:

I'll buy... I leave in North East - where 48% think their houses gained in value - while on average 87% of the houses lost value (according to CNBC).  People should stop dreaming and lower their prices. I'll buy when it's reasonable enough.

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#2) On October 30, 2008 at 4:54 PM, jegr5347 (< 20) wrote:

Rumor has it if GM and Chrysler merge, we are looking at 25k layoffs, which makes perfect sense since carmakers have lost over 10%-15% of their unit sales.

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#3) On October 30, 2008 at 4:55 PM, alstry (36.00) wrote:

I have to tell you.......the stats are getting goofier and goofier....everyday you read that this company or that company is laying off 10% or more of its workforce....and it is not industyr specific...it is everywhere...technology, drugs, construction, airlines, autos, manufacturing, ect.......

I just spoke to a friend who told me that our higher end grocery chain has seen a sharp dropoff in beef purchases.....it brings new meaning to where is the beef????? 

I think Fools like the person FKA as Floridabuilder is living in fantasyland if he thinks that he will be able to buy a lot and build a house at a profit for the next five years....even if he gets the lot for less than development cost......right now I can buy restuarants for a fraction of build cost....throwing in the land and equipment for free......and things are getting even more distressed.

I think few really know how bad it is going to get......

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#4) On October 30, 2008 at 5:27 PM, alstry (36.00) wrote:

SAN FRANCISCO (MarketWatch) -- Electronic Arts' net losses grew in the second fiscal quarter thanks to a sharp rise in expenses, and the video game publisher announced plans to lay off 6% of its workforce in an effort to control its costs.  

Motorola to cut 3,000 jobs, mostly from mobile unit: WSJ

These are techonology companies...........just wait until the government starts dumping workers because no tax revenues are coming in..................

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#5) On October 30, 2008 at 11:38 PM, jegr5347 (< 20) wrote:

The average citizen is just out to lunch. Very few people realize, unfortunately including both of our presidential candidates, how close the US is to bankruptcy. Our country is flat out insolvent as we sit here today. Once foreign countries stop lending, the party is over. We really need to raise taxes and cut entitlements in order to save our country but who wants to hear that. Everyone is looking for a handout.

I am just amazed at this dollar rally and market rally this week. It is just incredible. We have a Q3 GDP contraction not including the October mess and everything rallies. 

Alstry, are you in the deflation or inflation camp? Roubini makes sense but so this Schiff.

 

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#6) On October 30, 2008 at 11:40 PM, jegr5347 (< 20) wrote:

I think if the world goes into recession, we are looking at deflation. If Asia and Australia keep going, we are looking at inflation. Euro is just as bad if not worse than US.

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