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Sub Prime

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  • Sub Prime

    Mortgage rates in Aus have risen to 9% today because our governments say to fight inflation, but our banks lost money on Sub Prime in the U.S. and because we are supposed to be booming as China is buying our iron ore as fast as it can be dug out of the ground to make products to sell to you in the U.S. and I am wondering how this is affecting you is the down turn as bad as we are hearing, as the old saying is when the U.S. sneezes the world catches a cold.

    Regards
    Tony

  • #2
    Re: Sub Prime

    Was that all one sentence??

    I wonder if the downturn in the housing market will help the independant tradesmen and contractors as people discover they can't sell for a profit and then turn to renovating and improving instead.

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    • #3
      Re: Sub Prime

      The BIGGEST problem from our perspective is the paranoia.
      Guys forget it gets slow right after the holidays and bid rediculously low thinking there's no more work..the sky is falling...credit crunch..Lions, tigers and bears...OH MY!
      I lost several larger jobs earlier this month when I was asked to go lower on reasonable bids (by my standards).
      Sure enough, work is lining up at *my* prices and now more calls are coming in.
      I think I'm catching on....hope my competitors aren't held up too long on those jobs they won earlier this month.

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      • #4
        Re: Sub Prime

        Originally posted by DuckButter View Post
        The BIGGEST problem from our perspective is the paranoia.
        Guys forget it gets slow right after the holidays and bid rediculously low thinking there's no more work..the sky is falling...credit crunch..Lions, tigers and bears...OH MY!
        I lost several larger jobs earlier this month when I was asked to go lower on reasonable bids (by my standards).
        Sure enough, work is lining up at *my* prices and now more calls are coming in.
        I think I'm catching on....hope my competitors aren't held up too long on those jobs they won earlier this month.
        That what the liberal media would love us all to believe. They enjoy scaring the crap out of everyone. I too was slow right after the holidays but as always, I always get busy again in mid to late January. never ever lowball yourself.

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        • #5
          Re: Sub Prime

          Originally posted by AFM View Post
          the old saying is when the U.S. sneezes the world catches a cold
          Maybe not anymore. With the growth of other giant economies like China and India which rely on foreign resources, resource rich countries like Australia and Canada may not feel the pinch as badly. China is set to surpass the US in annual fossil fuel consumption and they are already the top consumer of iron ore. I think the world economy will see an overall slow down but not a huge recession like the economists are predicting for the US.
          You will never expand your mind, if you do not challenge your beliefs.

          By the reading of this post, you acknowledge and agree that the poster shall not be responsible or liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with use of or reliance on any content contained herein.

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          • #6
            Re: Sub Prime

            Without the U.S. demand for china product it would not need oil or ore.

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            • #7
              Re: Sub Prime

              Originally posted by drtyhands View Post
              Without the U.S. demand for china product it would not need oil or ore.
              Yes, the Chinese economy relies on foreign demand, but the US isn’t the only foreign market. The Chinese and Indian consumer market is growing aswell. It won’t be enough to make up the short fall from a US recession but they’ll still need forgein natural resources.
              You will never expand your mind, if you do not challenge your beliefs.

              By the reading of this post, you acknowledge and agree that the poster shall not be responsible or liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with use of or reliance on any content contained herein.

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              • #8
                Re: Sub Prime

                Whatching China is like seeing a teenager with their parents credit card.

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                • #9
                  Re: Sub Prime

                  RE China
                  Its more like a teenage boy with car keys and a bottle of Jack Daniels.
                  Communism and Capitalism should not mix. It will just produce the meams to destroy itself.
                  Mike

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                  • #10
                    Re: Sub Prime

                    In respose to the original post, I am now buying more real estate. prices are good. If you follow the large builders you should have grabbed thier year end deals. I grabbed one property WELL below true market, to help there overall bottom line. In the market I purchased I gained 10%+ in value in two months
                    (No, I wont tell the location)

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