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If you are moving and need a job, then it is bad news. However, if you are a retiree w/ a pension and savings, it should not affect you negatively. The only thing I would be concerned about w/ that scenario is buying into a new development, as construction has slowed and you might end up in a mess w/ contractors going bankrupt, etc. As long as you are buying a home in an established neighborhood then that should not be a problem.