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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: John Vosilla who wrote (37440)8/10/2005 3:43:42 PM
From: patron_anejo_por_favorRead Replies (2) of 306849
 
>>If we do have a simultaneous across the board period of high foreclosures there will be a serious recession with 4.5M RE related jobs lost according to Dean Baker.<<

Once again, I gotta reiterate that this is a key point that is frequently overlooked by analysts and economists. When you hear that the "US economy is now largely a service economy", what you're talking about is that it's a HOUSING related economy, to an extent much larger than at any other time in history. Therefore a moderate correction in real estate will create a self-reinforcing contraction in the economy. I sold some shares I've held (for over 20 years) in a couple very large diversified Fidelity equity funds today, primarily because of this (well, that and the fact that LT capital gain rates are not likely to go any lower than they are right now)....
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