The question of the day!! After two days of "smashing" Wall Street loses, I have heard questions from friends and clients alike about what to do now that the "world is collapsing".
Any one remember Moses' line in the movie "Ten Commandments" when he finds out that he is viewed different now that he has found that he is the son of a Hebrew slave. He says, "Are these not the same arms, same hands that were mine a moment ago."
Basically, it is the same question we must answer now but with a different basis. We are the same country with the same economic environment. We have the same industries, the same 9.2% unemployment, the same 4 to 4.5% mortgage rates, the same declining foreclosure market and strengthening finance/bank environment.
For instance, last Friday's loss on Wall Street at 5% equated to $3 Trillion dollars. Do you realize that means there is $600 Trillion of your and my money invested for future gain????? Then imagine the Trillions invested between Commercial and Residential Real Estate. Not to speak of oil reserves, intellectual capital ect ect.
We must stay focused on the big picture and not the sound bites that the news media may use to alarm us as they focus on "the news of the moment".
So if you have investments don't run!
If you plan to buy a new home or business, move forward!!! Interest rates and banks openness to lend is improving it seems daily.
The future is bright though a few clouds are on the horizon
Bryan Cerny, Associate Broker, GRI, ABR, SRES, SFR
Rose &Womble Realty, Chesapeake, VA
Licensed in VA & NC
Rose &Womble Realty, Chesapeake, VA
Licensed in VA & NC
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