Have you seen any foreclosure signs?
Although the wagging heads are predicting that IBM's report yesterday would jump start a rally on Wall Street today, yesterday's drop of 306 points on the DowJones suggests that many aren't feeling so optimistic.
Last night at board meeting in town, one of my townfolks confided that two houses out of the 10 on their little cul de sac sprouted Foreclosure signs just in the past two weeks. That's a scarey 20% -- though a laughably small sampling.
But we are an "out of the way" pocket and pretty conservative financially (not a lot of real estate speculators in our tiny town), so such in your face evidence was startling.
Is anyone else seeing evidence in their neighborhoods?
As predicted by moi, today saw the rally that wasn't. From WSJ's noon-time article Rally Wilts as Worry Remains :
The stock market lost hold of its early gains despite rosy announcements from two blue-chip companies and speeches by Bush administration officials proposing fiscal stimulus for the sagging U.S. economy.
Major indexes were mixed Friday afternoon. The Dow Jones Industrial Average posted triple-digit gains early in the session but was recently down 05.25 points, or 0.4%, at 12108.97.
The stockmarket boys can't even sustained a lift.
And back on topic...about the new home construction and the rate of foreclosures... a random google search found this about Illinois from Chicago Tribune reporter Greg Burn's Jan 13th articleHousing gridlock in Will County: Buyers are scared, sellers stuck:
One of the nation's fastest-growing counties in recent years, Will County now has the highest foreclosure rate in Illinois and its housing market has come to a standstill. Yet where California or Florida can blame out-of-sight prices, and Ohio or Michigan their shrinking economies, Will County remains affordable and growing even as its residential for-sale signs multiply.
Wonder what effect Bush's printing boatloads of greenbacks will really have.