Fed Cut, Property Tax Cut, 2nd Population Boom?
2005 and 2006 were booms for Homestead. 2007 with a falling real estate market, the wind came out of the sails of the residential market and we felt it in our wallets. I know I did. Still the commercial backfill is almost breath taking even now.
I’m curious about what’s next. With today’s 3/4 point Fed rate cut and a likely property tax cut, I have to wonder if Homestead is about to experience another surge of new residents buying up the over built residential inventory and a piling on of commercial development.
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That’s what should happen. Whether it does happen or not remains to be seen in 2008. Unfortunately the dreaded ‘R’ word – as in ‘recession’ – has become a household name again due to political play and the media running wild with the idea. The fact of the matter is that most Americans don’t really know what exactly a recession is (by definition), yet they will use the word freely as if they are economists. A wise man recently stated that Americans have predicted 10 out of the last 3 recessions over the past 25 years. (We have only had 3 short recessions since the early-1980s – one at the start of each new decade.)
The bottom line is that if Americans think that we are in a recession (whether we are or not) then they will act as if we are, and save their money instead of spending it. Americans have to be convinced that we are not in a recession in order to go out and buy stuff – like electronics, cars, and new homes.
Hopefully our political leaders can pull us out of this current fake recession.
Comment by The Major | January 24, 2008 |
We have had 10 recessions since the end of World War II in 1945….that’s an average of about every 6 years or so.
A recession is TWO CONSECUTIVE quarters of NEGATIVE economic growth…..
And maybe the consuming public has just decided they don’t “need all that stuff” after all.
A wise man once said, “Life does not consist of the abundance of things one possesses.”
Comment by Phil Hoover | January 25, 2008 |
[...] Travis is wondering if Homestead is about to embark on a second population boom. [...]
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