Real Esate Blog

Wow, if you are listening to the new programs, and who isn't, it is all doom and gloom. We all understand, I hope, that the media HAS to sensationalize any story to keep the viewers attention, and boy, are they on to it. Where we are now is NOT comparable to the Great Depression. At least not now, who knows exactly what the future holds. During the depression we had foreclosure rates of 50%, now, as bad as it is, we have "only" 2 1/2% rate of foreclosure. This is big compared to the "normal" 1/2% but certainly not anywhere close to the 50% rate of the depression. And our unemployment rate of 6% is no where close the 25% unemployment rate to the depression. Could we reach the levels of the Great Depression?? Anything is possible but with the massive goverment intervention, I just don't think it can happen. Bad, yes, but certainly not that bad. 

Posted by Phil Turner on October 12th, 2008 2:51 PM

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