It’s not easy to optimistic but many of us work in a field were optimism is the only way to survive. Unfortunately it becoming evident on a daily basis that this problem isn’t going to be fixed in the short term (1-2 years). I am now going to go out on a limb and claim that no way in hell will we see any sort of spring bump and chances are we could see a much bigger decline in prices once the government realizes there is no way they can continue to freeze the foreclosure market.
I have been tracking the unemployment rate and it’s very clear that we are the brink of a huge disaster. Unemployment is about to get a whole lot worse than what we saw today and if Ford and GM go under we could see the rate hit 10% nationally in no time. I predict we are going to see a unemployment rate of 15%+, which is one of those predictions where I hope I am wrong, but I just don’t see anything that can be done to stop it. Bernanke and Paulson have all been exhausted their ideas of saving this economy.
I suggest all you naysayers prepare for extremely hard times because they are right around the corner! It doesn’t matter how much money you have or how smart you are, we are all going to struggle!
