The housing market in my area has taken a dive, and a lot of people out of work.Houses are being walked out on left and right, mostly due to people not doing their homework and dishonest lenders.The economy will bounce back and forth, it always has.I've had to lay guys off and hopefully I'll be able to pick them up soon.But for right now, I'll put some money away and drink a cold one.

 

I wound up turning down a new position in the Austin, Tx. area out of fear of the economy and the housing markets. I was not concerned about finding housing, but was concerned about selling my existing home. The Dallas/Ft Worth area is loaded with existing homes that are for sale. Mine is, honestly, nothing special... typical 3/2/2 suburban home.... I like it, but not a Southern Homes and Gardens variety! The idea of winding up with 2 mortgages or a mortgage and rent scared the hell out of me.... so much so that my wife and I decided to pass up living near the hill country... and all the awesome rides we could have....



Dang it....

 

During the economy issue and financial troubles nationwide.....there are a few businesses that will most likely grow.

Rental property will probably grow and possibly exceed housing sales. People have to live somewhere. Alot will have filed for bankruptcy and cannot get a loan to buy a home. However, that leaves rental property such as apartments and duplexes a vital solution for most. And with rental property, a person can move anytime and are not tied to that property. Rental property will be on the rise......

Buy-Here-Pay-Here car dealerships will be on the rise as well. Those that overspent and are in debt....and have filed for bankruptcy will have trouble getting a loan. So, now these people won't be able to purchase new car at all. It might even be difficult for them to buy a low mileage used car from a new car dealership. There only options will be such places like Carmart, Best Ride, Automaster...etc. There will probably be more Buy-Here-Pay-Here dealerships than new car dealerships in the very near future.

Rent to Own stores will probably be on the rise as well. For some reason, people think they have to have the best of the best. So, they want a flat screen tv or a nice stero system....but don't have money to buy it from a normal Retail store. They then figure out that they can make weekly payments on items from a store. They are eventually gonna own that piece of merchandise....unfortunatley, they paid twice as much. In reality, they should have saved money up and when they have enough money....only then go buy that piece of merchandise.

Check Cashers, Advance pay....places like those are hanging people out to dry left and right. They cash their check and also borrow money....however with an incredible interest rate. It is costing them alot of money to borrow money. Once they started going to these places....they basically get locked in and simply cannot get out. If someone needs a loan, go to a real bank. If the bank won't give you a loan....then you probably don't need the loan and you should re-evaluate what you want to buy.

There are gonna be a huge number of 20, 30, 40 year olds that are not going to be able to afford retirement when they turn into their 60's. They will have to continue working, because they kept living an expensive lifestyle.

 

Every time I saw those tv commercials advertising homeowner equity loans (HELOC) for up to 125% of market value, I cringed. Who in their right mind would put something as basic as a house in such jeopardy? It turns out there are a lot people who would. The adjustable rate buyers also were suckered into ruinous loans. The big pitch was "don't worry, the house will appreciate faster than the note". Well, that works for a while, but there is always the time to pay the piper. That time is now. When you do something as stupid as that on the basic needs; housing, transportation, groceries on credit, gas on credit; every other part of the economy is affected when the basic needs get beyond the ability to pay. All it takes is a job lost, a divorce, or medical event to upset the cart.

As for Harley, I expect they will be okay. They still have an international market, and with our dollar getting weaker against other currencies, more international units will be sold. I was in my local dealership today, and the showroom was full of customers. I assume some of them spent money. As for me, maybe I should've waited and bought a 08![:@]

 

I have been working every weekend since thanksgiving(overtime for me) Even worrked new years eve and new years day. they were both holidays. so far so good for me. Cant say it will stay that way. My wife is a nurse andworked 21 hrs yesterday. so far so good.

 

Was at the HD dealer today and it was packed, with several people buying. And this dealers prices have not changed one bit, still MSRP + 1200 setup+paint+alarm+tax+license+destination charge+application fee. Now there adding aftermarket parts to the floor bikes and adding thousands to the price.

BTW they got in 7 rockers, all sold at over 22k each, plus the cost of fees listed above.

 

Same experience here in PDX.