Bank Of America President

go do it

said tonight on 60 minutes that he dosen't think that the housing market

will see a bottom until mid to late 09. and he is a smart cookie he didn't

get involved with the sub-prime or alt-a loans.

if the bottom hits mid 09 by the time everyone gets permits, plans,

and financing etc. that could be september or october of 09 to start

building just in time for the holidays and christmas.

i don't know about your areas but here in albuquerque it really slows down

in the holiday and wintertime, but picks up mid january and feburary.

so i don't see any real change until the 2010 spring building season.

that is if the backlog of houses are deminished.

but i don't know about that either because with the pending layoffs that

are sure to come this winter or early 09 nobody will have jobs to buy a

house!

what a damn mess!!!

it really could not be 2 or 3 years befor all this mess is cleared up could it?

oh wise people tell me that my gut instincts are wrong!

mickeyco

I think it needs to find it's own bottom without artificial "help" from the Government. On the other hand if the Government is "going to make everything alright" every time, things could turn around tomorrow, of course at some point someone is going to have to pay for it.




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Some people climb mountains. I take out the trash. But we both do it for the same reason.

Hardly Working

Sorry to say your gut maybe right. Last year a good friend had to go to a meeting with heads from Fannie May & Freddie Mac and they told them that it could run til 2012. Oh yeh he dose forecloseur trash outs. The meeting was mandatory from one of his vendors that send him workorders. Since then they keep giving him jobs on the wrong side of the state in which I've done a few for him. Dirty work sometimes but quick cash. It's not like it's going away anytime soon. Good luck in these tuff times.

WisePainter

My gut tells me that after the election mess is over (does anyone else just want this to end already?!?) it will take at least 2 years to recover.
My business has just begun to pick up, and I cannot see it slowing down.
Save for the X~mas season that is...

Hang in their everyone, this to shall end!

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My advice: Hire a real painter to do it.

AJX4

Builder friend of mine just laid off his help and new construction is down 94 percent.shh****!

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I'm dating a reaaaly old woman and no way the curtains match the drapes

HomeGuard

He(bank of america ceo) stands to benefit more from doom and gloom. His company is in the clear and is in a position to buy poor performing and failing banks(which is a cheap way to increase his market share). So by adding to the doom he makes random statements that imply the worst is coming. This winter will be tough but i think the spring will be good, you can only put projects off for so long before they have to be done.

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Milk was a bad choice

go do it

good points i am sure he has an agenda to press

but i still think that he is right

Scott Meyer

As most of you had mentioned, your own areas of the country have been feeling the affects early or later.

A general sense I get from people all across the industry (contractor, vendor, insurance, and bank) is that you'll find a large impact at first. But, as they have seen in past recessions, the inefficiencies are forced out of the system. Everyone gets a little smarter and more efficient together. Unfortunately, this does mean some get pushed out.

If you manage to stay around till this efficiency reset, you'll hopefully be in place to grow during the next up trend. This usually starts to occur before everyone finally agrees that the end has come.

Best of luck to everyone!

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Build Smart
www.MyRiskControl.com

Mach

the 5 year arms reset in 2010. Unless we the taxes payers pay up it will get interesting.

Bodger

I saw the same 60 minutes with Bank of America CEO Ken Lewis. Prior to the current financial mess, I frequently received offers from Bank of America to partake of a $100,000 to $250,000 "pre-approved" business line of credit. I occasionally got sales calls as well from B of A. I have been a B of A customer for 30 years, have my business and personal accounts with that bank, and I am a shareholder of B of A stock. The value of which has gone into the crapper, although not as bad as some, and I remain optimistic that their stock will rise again.
After the 60 minutes story, and learning that whether they had asked for it or not, B of A had received a 25 billion dollar government buy-in to their corporation, along with eight other major banks, supposedly to help jump- start lending and help un-freeze the credit market.
I immediately went to my B of A branch and applied for a $100,000 line of credit, and told the loan manager that with my FICO score of over 800, and a deposit rate of business revenue of over a million a year for several years, I fully expected to receive approval for this line of credit, which was less than half the amount they had continually solicited me to take a few years ago.
DENIED! I guess they intend to buy government bonds with that money and let it earn for a while before they risk lending it out to the same small business owners they were so eager to bury in debt when times were good.