Monday, March 23, 2009

Some more glimmers

The stock market finally finished up for a week. Today, after teh Fed announced a purchase plan for bad-assets from banks it has climbed almost 300 points. Housing sales of existing homes rose a VERY unexpected 5%.
Could this be signs of a major turn around for the economy. Since banks have already received billions of dollars, and the government buying up their mistakes, maybe they can start loaning to consumers again. Since they are already getting bonuses for the way they ruined their employers and the economy. People in most positions would get fired, maybe the banking industry is the place to be.
With home sales increasing does come a fall in prices. To me this is more of a readjustment to a level where prices should be. Living in Fort Lauderdale/Broward County, prices for years were climbing at over 30% a YEAR! That is not a normal rate of appreciation. Prices are falling back to a more reasonable rate, it is just something people that bought at the peak have to deal with. If it is a primary residence and there are no plans to move, then it is a non issue. Just stay until it catches up to where it had been.
People complain about paying a mortgage on a house that isn't worth as much. But these are the same people that have been going out and buying new cars every two or three years and loosing money that way. At least the home will recover its value, unlike a used car. I have known people that pride themselves in never owning a car for more than two years. In my 49 years I have owned a total of 5 cars. Two of these were extremely used cars, two new ones and a certified pre-owned. Detroit does not consider me much of a friend, though one new, and the pre-owned were domestic models.
If these few additional ray of economic hope spur you to consider a new career, try job.travel. Jobs in travel and hospitality are nationwide and can lead to overseas postings with the large corporations. Graduating from college and getting transferred to the operations in Paris should like a good idea to me. Or if if your former position was downsized away, positions are just around the corner and many career paths are covers in the travel and hospitality industry.

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