A global sell-off and panic in world markets has prompted yet another major drop in stock prices on Wall Street, at the time this post is being written. Over the weekend, governments across Europe rushed to rescue failing banks, while the governments of Germany, Ireland and Greece also said they would guarantee bank deposits.
It will still be a while before there is any clarity about the effects of all this on our housing market in Nashville …and clarity as to how long and how deep the economic slowdown will be before we see some recovery and relief.
The financial rescue plan that was pushed through Congress last week will undoubtedly take time to have any real effect, and there has always been a question as to whether that strategy would be enough to avert a deeper crisis. Panic itself may be the biggest obstacle to overcome.
Keep reading this blog for more of my personal prognostications and musings!