I just have to say - there may be a recession in places like California or Florida where a 1000 sq foot 1960’s model house that once sold for $1mm is now selling for $750k or even $500k…but here in Dallas, Texas (in the midwest) my non-real estate business is making me more money than I have ever made in my life! Our customers are rich, middle class and the poor and they are buying more of our products than ever. Q1 2008 will be our best fiscal quarter yet in 4+ years! Plus the job market is doing good here. The only guys who seem to be suffering at all are a few of the residential builders. The commercial builders here are actually doing extremely well! Has anyone else in the midwest (Houston, Kansas, etc) seen this too???
I agree. Recession is a label that economists use to describe a part of the economic cycle. It is like being married or single. It is just a label. If you are married but go out every night looking for chicks then for your wife she may as well be single. It is not the label it is what you do about it. If you can’t do anything to fix it then why worry about it. Recession gives people something to worry about that they can’t fix. In 2000 the economy of the USA grew at a brisk 5% rate, but if you worked for Enron you were out of work with no prospects. In your house it was recession. So don’t worry about that stuff. What you need to focus on is how the job market is where you are. If there are jobs, you or ok. If there are not jobs where you are you should move to here the jobs are. Recession or no recession.
Here is Houston we have lots of jobs.
I’m from Kansas, the only part of the real estate market that has been hit here is luxury homes. The only effect is the time it takes to sell but there isn’t any significant price decrease. Foreclosures are not as common as in the rest of the country. Rental market i still strong and as no effect.
No sign of recession here in Oklahoma. We had %5.1 price appreciation in our real estate market in 2007. Economy in Oklahoma is very energy dependent and I’m sure some of the prosperity is due to price of oil but there are plenty of jobs and real estate market has not shown any signs of cracks…
I am in South Florida and the bottom has fallen out of the market. Unemployment is on the way up, real estate prices have fallen about 30% and they are predicting a bigger decline this year.
There are more deals out here than I can purchase. In fact I am scrounging around looking for investors to JV with so I can buy more stuff. Not only am I buying but I am also selling. There is always room for a good deal no matter what the market.
Did you know that there is a difference between a recession and a depression. A recession is when your neighbor loses his job and a depression is when you lose yours. I have solved this problem. I have not had a JOB for over 20 years. :smile
If I move down there to Florida, I’ll joint venture and do deals with you!!