On Oct. 23, 2008 I wrote the blog below. I wrote this blog in the midst of all the bank problems, real estate collapses, etc. Here we are less than 6 months from that blog and most of what I predicted appears to be happening. Wells Fargo posted a 3 Billion dollar profit in the first quarter, last week and over the past two weeks all the major stock indices are up dramatically. I also predicted that the real estate market would start its turn around by the end of this year. By the way in early 2004 I predicted that the real estate market would collapse in about two years. That's why I went into the real estate auction business. I am not a brilliant person I just have a feel for what will happen, because I have been there before. Stay tuned the best is yet to come.
"The End Must Be Near, Because I Can You See The Light?
Over the last 10 years we have seen all kinds of bubbles pop. First it was the stock market then it was the real estate markets, and then came the bank problems and now we are in a commodities market melt down. Which means lower oil, gasoline and natural gas that is not a bad thing.
This same cycle happened in the late 1960's into the early1970's and again in the late 80's into the 90's. I if am correct and it is simply a cycle that must run itself out, we should start to see the stock market begin to turn around in the next couple of months, followed by the bank recovery. Then real estate residential markets towards latter part of 2009 followed a few months later by the commercial real estate market.
History always seems to repeat it self. So, don't panic and if you look closely maybe you too can see that there is a light at the end of this tunnel."
Bob Calistri, Broker
Real Estate Auctions, llc
www.realestateauctionsllc.com
bob@realestateauctionsllc.com
History does repeat itself, yes, but this market we are going through has bits and pieces of all kind of bad past markets, no mirror image.
Happy Holidays my friend!
As long as that light doesn't mean we have left the building...so to speak :). Seriously, I think so too! Every offer is competitive and all my listings have multiples. The key is managing the short sales...and I'm getting pretty good at that.
We're seeing business pretty mush as usual here in my backyard.
My only fear is the long term negative affect of the current administration policies on a free market.
It's becoming more and more apparent that big government is getting bigger and more intrusive and that my friends is NOT a good thing for our business or any other.
Good post...I agree with your timelines, too, and have been blogging about same since last October.