Property Grunt

Wednesday, December 31, 2008

The last day of 2008

All we can do is watch.

Housing prices dropped again in October.

Home Prices Fell at Their Sharpest Pace in October

Yet even the experts believe that New York City will ride out the storm in style.

New York, New York: America’s Resilient City

Since 2007 when the entire credit market began to crumble, I began the alert that we were going to really get it.

From bad to oh we are so f**ked

Up and down

If you look at the comment sections, I got a lot flack for what I wrote. And now we are on the lastday of 2008 and it has been a hellacious year. Do I take any satisfaction that my words of doom have rung somewhat true? F**k no. In fact I am just as baffled as everyone else on how bad things have gotten.

I realize there was going to be a huge imbalance in the market, but I figured the stock market would make its routine bull run while the real estate market would tank but slowly stabilize with the distressed property investors. Now the experts are telling us that we have only begun to experience this world of hurt and 2009 will have plenty pain for everyone.

It is an anguishing situation because despite the actions that have been taken, it will be quite awhile before any semblance of normalcy returns to our economy.

So what do we do? We adapt, survive and watch the show.

Happy New Year.