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Perhaps not specific to the "credit crunch", but certainly an indirect casualty are also home builders that may have the funds to build, but do not have confidence that they'll be able to sell the new inventory in a reasonable time frame.
We are seeing this in our neighborhood where a local builder had some great plans for a small townhouse project back in 2006, which has been stalled ever since the housing market began to slump.
The credit Crisis is over! That is yesterday's news. Me and you as tax payers are going to pay for ALL the bad loans that are out there! Our Government for the people, by the people just said so this morning. Things will start moving now, the home glut will be gone in 9 - 12 months, building will start again in earnest not only in the triangle but all over the country which will fuel the next be Exodus to the triangle!!!! Life's good right??!!!!
...but who will have the money left to pay for this bailout? What's happens on Wall Street should stay on Wall Street, not here in the triangle!
I think one only has to drive around and see the empty Retail Space scattered around the triangle to see why further development is at risk. Some store fronts such as in the Plaza across from Triangle Town Center have been empty almost a year now. IMO prospects don't look good for future tenants either. IMO its not the locations its just the state of the local economy and how Retail over built.
Another example is Caveness Shopping Center. Its still a leveled lot and has been for sale for over a year now. Just north on Capital Blvd they are building a couple of more shopping centers that have either started to be built or will be soon. That puts more pressure on selling the Caveness Shopping Center.
I still think we are in better position than other areas around the country and can sustain our growth from those coming in from the other parts of the country being hurt by the financial crisis looking for a better place to live.
North East - Taxes and Energy cost. (Wall Street hit a Wall)
Mid West - Car company down sizing, major ripple affect.
South West - Plummeting home prices. (Florida too)
So we will be the recipient of those looking for a better tomorrow IMO!
I know the rock issue is a huge problem at Caveness Farms... I'm thinking it would be very expensive to clear the rock... They are grading the land for the shopping center at Capital Blvd. and Stadium Drive.. nice red clay vs. piles and piles of rock needing to be removed at Caveness Farms.
Also, just a little tidbit.. The land @ Caveness Farms is the site of a former plantation (the home is still on the property hidden among some trees facing Capital Blvd.)..
And who are we to blame for this "credit crisis"? I know most are going to say Bush which would be typical of us spoiled Americans since most of us like to always point the blame to someone else. But the fact of the matter is WE are at fault. Too many people obviously don't know how to live within their means.
Quote:
(the home is still on the property hidden among some trees facing Capital Blvd.)
I believe that house has been gone for over a year now. A new strip mall and restaurants sits in it's former spot.
And who are we to blame for this "credit crisis"? I know most are going to say Bush which would be typical of us spoiled Americans since most of us like to always point the blame to someone else. But the fact of the matter is WE are at fault. Too many people obviously don't know how to live within their means.
I believe that house has been gone for over a year now. A new strip mall and restaurants sits in it's former spot.
I don't blame Bush for allowing the banks to make irresponsible decisions; I blame the President for making their mistakes our problem.
And we aren't at fault. The financial institutions are required by law to apply risk management principles in how they manage their assets. They've ignored these principles for at least five years and the regulatory agencies allowed it to happen. For that I also blame the current administration because it's directly the result of Republican politics which supports the theory that successful "big" business results in prosperity for all. However now it turns out that there was little risk involved in issuing ridiculous loans because the US government is going to make it all better.... again at our expense.
This warps the entire concept of "no risk, no reward" because now it's all about "no risk, all reward".
I don't blame Bush for allowing the banks to make irresponsible decisions; I blame the President for making their mistakes our problem.
And we aren't at fault. The financial institutions are required by law to apply risk management principles in how they manage their assets. They've ignored these principles for at least five years and the regulatory agencies allowed it to happen. For that I also blame the current administration because it's directly the result of Republican politics which supports the theory that successful "big" business results in prosperity for all. However now it turns out that there was little risk involved in issuing ridiculous loans because the US government is going to make it all better.... again at our expense.
This warps the entire concept of "no risk, no reward" because now it's all about "no risk, all reward".
In addition, the Clinton Administration greatly reduced controls that were in place in an effort to allow mortgage companies to lend more money to people that really could not afford it. Freddie and Fannie were basically designed to push home ownership onto people that had no business owning at that time in their lives. In 2002/2003, the Bush administration sounded the alarm about low income/high risk people being given loans they never should have and wanted to create a department to oversee this. Barney Frank shot it down, stating it was just Republicans trying to take control and end home ownership for low income people. Well, here we are now.
There is plenty of blame to go around on this and that includes government, mortgage companies and buyers trying to buy more than they can afford. I am no fan of what the government had to do this week, but at least they will be able to sell off these assets later and recoup some of the money. Hopefully this will spur the credit industry again and get us moving. I just hope it is done responsibly this time. I know there were a lot of great plans for things around here that are probably just waiting for banks to feel comfortable lending on again. It would be nice to see these things come to completion. We have a number of smaller banks here that don't seem to have gotten themselves wrapped up in the bad lending practices. I have a feeling we will see these local banks growing, as they will be trusted more by local patrons.
I believe that house has been gone for over a year now. A new strip mall and restaurants sits in it's former spot.[/quote]
I really think the plantation house is still there.. nestled among some trees at the end of the property - you have to look hard to see it... but I will check this week and report back.
And who are we to blame for this "credit crisis"? I know most are going to say Bush which would be typical of us spoiled Americans since most of us like to always point the blame to someone else. But the fact of the matter is WE are at fault. Too many people obviously don't know how to live within their means.
What's worse is that we are constantly encouraged to live BEYOND our means. And when the inevitable happens when you do that - well, the government is always there to bail you out.
Quote:
Originally Posted by NYC2RDU
I don't blame Bush for allowing the banks to make irresponsible decisions; I blame the President for making their mistakes our problem.
FYI, Obama is praising the announcement to do just that. I hear a lot of outcry coming from the right, though.
Quote:
Originally Posted by NYC2RDU
it's directly the result of Republican politics which supports the theory that successful "big" business results in prosperity for all.
You know, I've known quite a few Republicans - was even registered Republican for a long time - and I've never heard that particular position espoused by any Republican. However, I HAVE heard the Republican position mischaracterized that way by people who don't really care to understand the REAL position.
Quote:
Originally Posted by Charlton Dude
In addition, the Clinton Administration greatly reduced controls that were in place in an effort to allow mortgage companies to lend more money to people that really could not afford it.
The problem goes back long before Clinton, though. It's part of the entitlement mentality that has become so pervasive in this country. Just because someone doesn't have enough money to buy a house is no reason to keep them from buying one, right? After all, everyone is entitled to their own home.
Lets not veer off into a political debate nationally please.
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Not so fast....
