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We were thinking of buying a car before things got weird. For our preferred manufacturer, they shut down production on March 23 and will only start up again on May 18. In the mean time, even though there's been a big sales drop enough people are still buying that there's 60-70% less inventory on the lot than there was in mid-March. And not much in the way of incentives until inventory goes up again.
Like somebody else said, give it six month. Get lot more accurate pic of situation by then. Even better notion after a year. Making snap judgements early in game while situation is in play maybe not most enlightening.
I will confirm that I have not seen any lower prices on anything so far. Except gasoline some areas. Notice thats from lack of demand due to people not driving as much. If anything food and clothing has went up in price. I am guessing because some of it has long international supply line and uncertainty how well that supply line will hold up. Same way prices go up after any natural disaster.
What will put pressure on prices is lack of demand due to lot people out of work long term with no income.
I was surprised that prices for hotels, cruises, and vacation real estate have increased. I’ve been following the price of vacation condos in a few east coast markets and their prices are up this year compared to the same time last year. I looked at booking the same summer vacation this June that we booked last June and the hotel was slightly more expensive than what we paid last year. We won’t take another cruise again, but out of curiosity I checked the price of a the cruise we took last February to see what it cost for 2021 and it’s the same price it’s been since I started watching it.
Gas is down to $2.10 a gallon, but that’s the only thing I’ve seen that’s gone down. I expected there to be some great deals on hotels for June but that’s not happening in the places I’m watching.
Story out today that prices are falling at the biggest rate since 2008.
Prices are tumbling at an alarming rate
https://www.cnn.com/2020/05/12/econo...ril/index.html
US consumer prices declined for the second-straight month in April, the Bureau of Labor Statistics reported on Tuesday. Prices fell by 0.8% on a seasonally adjusted basis in April, marking the largest drop since December 2008.
prices are going up not down and certainly not "up at an alarming rate", the reporter is living in a fantasy land
All prices in my grocery store are up, rents are actually up due to stronger demand as people put off home purchases, home prices are up slightly due to massive shortage of listings compared to people looking even though a lot of buyers exited the market sellers exited even faster...
prices are going up not down and certainly not "up at an alarming rate", the reporter is living in a fantasy land
All prices in my grocery store are up, rents are actually up due to stronger demand as people put off home purchases, home prices are up slightly due to massive shortage of listings compared to people looking even though a lot of buyers exited the market sellers exited even faster...
If you read the story its not the reporters numbers. BLS reports the numbers. Its what is used for COL adjustments, etc. They use a whole basket of items to get current prices. Way beyond this scope of this thread to explain the CPI.
I stayed in a couple hotels in my travels a couple weeks ago. Got 50% off a night at each one. My cell phone bill was cut 20% and my car insurance was cut 15%. Again that is anecdotal and means as little as your anecdotal information.
Where you are prices might be going up on some things. But we are a big country. Its like saying its colder than usual in my town this week therefore global warming is not true.
Housing prices nationally which were rising quickly have now essentially stopped rising. Slowest growth rate since 2013.
Deflation is a big concern. And it appears to be happening now. Both my houses are in or near college towns. There is a big chance that there will be no open colleges this fall. Both towns rely heavily on students for housing rentals and all the money they spend during the school year. No students and rents will drop quickly with a glut of units. I would imagine when the Northeast and west coast areas open up there will be a flood of listings on the market. Everyone trying to sell before prices collapse.
Last edited by Oklazona Bound; 05-12-2020 at 06:40 PM..
I would imagine when the Northeast and west coast areas open up there will be a flood of listings on the market. Everyone trying to sell before prices collapse.
Kind of circular logic here. As with the whole rental/eviction etc. situation... who are they going to sell to, if prices are unstable and there are no student renters?
I predict that in general we will be about where we were, with some shakeups at the individual level. There just isn't anywhere for panic reactions... to go.
Rising grocery store prices will hit the poor harder. I said it before and I'll say it again - this is going to be a crazy un-equal recession/depression in which the poor and lower middle get absolutely hammered, the middle shrinks a bit but the upper middle does pretty well, and the rich make out excellent. Markets will probably go back, driven almost all by tech.
I give it less than a year before we get another Occupy Wall Street type movement that dwarfs the last one, this time with a stronger call for some kind of UBI funded by taxes on wall street/big tech.
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