Foreclosures in RI ? (East Greenwich, Jamestown: sales, house, employment)

[Apple Annie]

On www.riliving.com I see several listings for homes that appear to be foreclosures/bank-owned properties. There was an article in the Prov. Journal recently about the home prices coming down drastically in some cities and towns. In the high dollar areas like East Greenwich, not so drastic. Home sale prices in Jamestown, however, normally a high dollar area, were down over 30% for 2006. Then there was an article in today's Prov. Journal that employment in RI is down close to 4%. What is going on ?

[ontheroad]

I wouldn't be surprised if this is a national trend--but you are seeing it first in Rhode Island.

It has hit here in NM, as well--especially in the housing market!

We might be in for a recession.

[Apple Annie]

Yes, that is very concerning. Chrylser just announced layoffs of over 3000 workers today.

[ontheroad]

Yes, I saw that in the news. I haven't been following the Wall Street Journal, just general countrywide trends--reports of less savings, less spending, more foreclosures, less house sales and layoffs.

Not a pretty picture.

Originally Posted by Apple Annie

Yes, that is very concerning. Chrylser just announced layoffs of over 3000 workers today.

[Apple Annie]

Hope not ... interest rates will rise faster than the temperature on a San Antonio mornin' .