I keep reading articles about how Georgia will be unlikely to face a recession due to it’s diversity. The funny thing is, that optimism is only in the title and first couple paragraphs. When you read further, you see that most analysts say that recession is imminent and we aren’t immune. So which is it?
It could be either. I have decided that no matter what the issue, you will have two conflicting stories. I think people’s nature affects there outlook. Data can be skewed to support people’s theories. So what are people to do?
You can do your own research and form your own opinions. While I hope we avoid recession, I think it’s always best to be prepared. Life is always changing. Prepare for the worst and hope for the best.
So let’s look at some facts:
The real estate market has slowed in areas
The number of foreclosures has increased
Some businesses are feeling the crunch and trying to stay alive via lay offs, take overs, or termination
Unemployment has gone up slightly
Consumers are unsure of what is down the road. People trying to buy a home, face tougher mortgage regulations. The positive is that mortgage rates are still low. In some areas, home prices have gone down. In others, home prices have been stable or even increased. Whether or not it’s the right time to buy, is dependent on individual situations. If you have good credit and a steady job, it might be a great time to take advantage of the low interest rates. Before you do anything, make sure you weigh all your options.