If you have been a subscriber to this FREE Credit Counseling Newsletter for any period of time, and I must say it is a bargain, then you know that from time to time we offer our prognostications regarding things economic, and how they will effect you where you live. If you look back at earlier articles, you will see that any time we have made a forecast, we have not been wrong, not a single time.
So, we came across this article about housing entitled 20% Drop In Housing To Cause Recession In 2012, Says Gary Shilling. You can read the entire rticle and view the video simply by clicking on the link. The future for real estate is very bleak. I hope that is direct enough to get your attention. I personally know individuals who think they are financial geniuses and are investing and buying real estate thinking that they are going to make a killing when this market turns around. I feel sorry for them. If you are buying real estate because you can rent it and get a cash flow, that is one thing. If you are buying because you believe their is going to be a huge turnaround coming, I urge you not to do it.
Lets just look at this from a common sense vantage point. If you ever just kept your eyes open in recent past years, their was a time when a property that was foreclosed on was scooped up in a lightening flash. Try this same exercise now, just notice the next time you see a for sale sign on a foreclosed home, how long it just sits their with nothing happening. Whether or not the property is in a good neighborhood or not makes little difference. It still just sits their. This was absolutely unheard of in recent years. The norm was for people to trip over themselves making offer after counter offer to try to purchase it. Is this not true?
Interest rates are extremely low now. I mention this because if you have good credit, you could purchase one of these foreclosed properties with attractive financing , and use it as a rental. Even that's not happening.
I feel I can safely say that what is coming economically, is going to make the past few years look like a boy scout jamboree. We have completely incompetent leaders, and are in large part a society that has completely lost its moral compass.
Do I have an answer? The point of this article is not to provide an answer, like all the talking heads out their. I can however offer advice to you. This is no time to allow yourself to be saddled with debt.
If you are living with debt it is high time to get rid of it. You have options. If you are motivated you can even do it without enrolling in a structured Credit Card Consolidation, or Debt Settlements program. But, you must be disciplined. If you would like to discuss your options visit Personal Debt Management.
Written By:
Steven Ciantro
Certified Credit Counselor
American Debt Enders
help@americandebtenders.com
877-766-2465
This is a great article! Very informative indeed!
Posted by: Stephannie | July 17, 2011 at 01:17 PM
great info -makes you stop and think
Posted by: gerry | July 17, 2011 at 07:57 PM