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Well there's something about the rankings of the sunbelt cities. I went back and looked for Charlotte, Atlanta, and Phoenix who have been the three biggest sunbelt boom cities out side of Texas and California over the past or so ten years years and also have three of the strongest economies going into the recession and seemed to be maintaining their growth throughout the recession. Here's where they rank now:
Charlotte #54 (not bad about in the middle)
Phoenix #70
Atlanta #75
Charlotte doesn't look too bad, but Phoenix and Atlanta? What happened? It seems like just last year they had two of the strongest job markets in the country.
Phoenix is not too surprising. It's sad really, because the real estate industry is what made it mostly boom so fast.
Well there's something about the rankings of the sunbelt cities. I went back and looked for Charlotte, Atlanta, and Phoenix who have been the three biggest sunbelt boom cities out side of Texas and California over the past or so ten years years and also have three of the strongest economies going into the recession and seemed to be maintaining their growth throughout the recession. Here's where they rank now:
Charlotte #54 (not bad about in the middle)
Phoenix #70
Atlanta #75
Charlotte doesn't look too bad, but Phoenix and Atlanta? What happened? It seems like just last year they had two of the strongest job markets in the country.
Atlanta has a more diversified economy than Phoenix, so doesn't really make sense as to why Phoenix is above Atlanta.
Phoenix has been particularly hit hard because of its lack of diversification of its economy. I read in an article that nearly 40% of Phoenix's economy was based off sprawl and development.
That city was the fastest growing just a few years ago. Now it is in deep trouble. Those cities that didn't focus on diversifying economies are hurtin' now.
This is optimistic and all-
the only reason these cities are "recovering"is because they got hit harder than many other places and are now moving back to their average.
This is optimistic and all-
the only reason these cities are "recovering"is because they got hit harder than many other places and are now moving back to their average.
I don't think that would be true of their number 1 choice, Omaha. As I recall it was hurt less than many to most cities.
This is optimistic and all-
the only reason these cities are "recovering"is because they got hit harder than many other places and are now moving back to their average.
I think he or she meant something like "the further you fall the further you bounce." During the Great Depression they had like the biggest stock market rise up to that point, but this was maybe like a correction for falling so fast or something. In some cases it might even have been what's called a "dead cat bounce", meaning a brief rise that does not indicate a true regain in economic health. (Based on the idea even a dead cat will bounce if you throw it off a building, but the cat is still dead)
So I assumed they meant these cities are bouncing so high because they fell the most. There current position is not a sign of health or solid gains, but merely a return to normality or worse a temporary reaction. And I wasn't entirely convinced of that because several of the cities they list as recovering well were in places that were never that bad off anyway.
I think he or she meant something like "the further you fall the further you bounce." During the Great Depression they had like the biggest stock market rise up to that point, but this was maybe like a correction for falling so fast or something. In some cases it might even have been what's called a "dead cat bounce", meaning a brief rise that does not indicate a true regain in economic health. (Based on the idea even a dead cat will bounce if you throw it off a building, but the cat is still dead)
So I assumed they meant these cities are bouncing so high because they fell the most. There current position is not a sign of health or solid gains, but merely a return to normality or worse a temporary reaction. And I wasn't entirely convinced of that because several of the cities they list as recovering well were in places that were never that bad off anyway.
Thats exactly what I meant. While not true of all, I would say it is true of many- especially considering that drops in forclosure rates is one of the primary factors being weighed by this list- which says nothing if not that there's no one left to forclose on.
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