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Strategies & Market Trends : John Pitera's Market Laboratory
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To: Augustus Gloop who wrote (8161)8/25/2007 11:06:58 PM
From: Hawkmoon  Read Replies (1) of 33421
 
Anyhow, I remember riding through town with my father and seeing tons of retail buildings that were totally empty. All construction had stopped and people were either working a low paying job or not working at all.

I remember those days as well.. My father was involved in construction at that time and I still remember his discussion about how he was unable to properly bid a job because double digit inflation would render his bid unprofitable by the time he finished the job. So he had to pad in an extra $$$ buffer to make sure he didn't take a bath on the project.

But I also recall some friends of mine who had purchased a home here in the DC area back in the late '80's. They paid 170K for it, but then the recession hit and it fell 30K in appraised value. But they held on and later (after they divorced) they sold it for over 200K in 2002.

Hawk
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