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For Real Estate Buyers and Sellers – These Are the Best of Times, and the Worst of Times

August 14, 2007

The WealthLoop ProjectHave you been keeping track of the news lately?  On August 14, 2007, “Crain’s” reported Chicago area home sales down 19% in the second quarter.  A day earlier they reported, “Downtown [Chicago] new-home sales on pace to hit about 4,000 units this year. . .”  Sound good?  In 2005 there were 8,162 downtown units sold.

 

        The national outlook is even worse.  A recent report on eFinanceDirectory.com reported that, “Home foreclosure activity continues to soar nationwide over the past year, particularly in the states of Nevada, California, Arizona, and Florida.”  Think that’s their problem and it won’t affect us here?  A July 27, 2007, Chicago Sun Times article reported, “Nearly one in five sub-prime mortgages originated in Illinois in 2006 is projected to end in foreclosure.”  In plain English – there are going to be a whole lot of people in Illinois up shit’s creek without a paddle over the coming year.

 

 

        You can choose to sing “la-dee-da” as “Rome burns” or you can face the inevitable reality of what is about to happen.  Still not convinced?  Read this from an August 13, 2007, news story:

Central banks in the United States, Europe, Australia, Japan, and Canada were in damage-control mode again on Friday. A total cash infusion of approximately $135.7 billion was added [by] banking systems worldwide in the hope of pacifying a global credit crisis that appears to be getting far worse than many experts had expected.

What about this one:

French bank BNP Paribas said it had stopped withdrawals from three investment funds because of an "evaporation of liquidity". [Also] the German central bank, the Bundesbank, said it was organizing a €3.5bn (£2.4bn) bailout of the German lender IKB, which had run into trouble lending into the US sub-prime mortgage market.

     My friends – the crap is about to hit the fan. Will you be prepared? For those who are not prepared, it will be an unholy bloodbath. For those who are prepared – it will be the greatest money-making opportunity of our lifetimes! As for me, I plan on getting rich. What about you? Are you going to keep your head in the sand and deny reality, or are you going to prepare yourself for the many opportunities that will ensue?

 

John A. Michailidis, Esq.John Michailidis is a recognized business consultant, attorney, success coach, and author of the WealthLoopTM Series of books and training materials for aspiring entrepreneurs and investors.  Please use the contact form to get in touch with him regarding personal coaching and business consulting.  Download the FREE, 40-page, .pdf "Wealth Creation Manual."

Written by John A. Michailidis · Filed Under Tune Finances 

Comments

One Response to “For Real Estate Buyers and Sellers – These Are the Best of Times, and the Worst of Times”

  1. Julie Ferenzi on August 24th, 2007 9:26 pm

    Very True. I'm seeing double the increase in lis pendens filings in Will County as well as all across the Chicago Suburbs. This is crazy, but for those of us that know how to manuever this market… yes it will mean a road paved in gold.

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