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Housing is booming in WNY due to all those who escaped NYC and can continue to work remotely. Houses are going for $10-$25 thousand over asking price. When you can get a monthly mortgage payment on a $300,000 home for less than you paid for a 2 bdrm apt in NYC - it's no wonder
The third quarter report is due 5 days before the election. Since it covers the period of the 'reopening' of the economy, one may expect that the GDP will leap up mightily, indeed record breaking, which report President Trump is already looking forward to.
Goldman Sachs experts GDP growth of 25 percent for the third quarter:
Housing is booming in WNY due to all those who escaped NYC and can continue to work remotely. Houses are going for $10-$25 thousand over asking price. When you can get a monthly mortgage payment on a $300,000 home for less than you paid for a 2 bdrm apt in NYC - it's no wonder
I grew up in a western suburb of Cleveland OH. Population 32K MOL. There are 32 houses for sale and ONLY 8 of them are what a typical person thinks of as a typical suburban 3 or 4 bedroom house in an older but safe neighborhood. The other 24 houses are small old bungalows on busy secondary roads.
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"I don't understand. But I don't care, so it works out."
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The good news is, investors still have faith in the future, which is what really matters - the future - so that's hopeful.
That the GDP is only down 32% is surprising to me. I would have thought it would be down MUCH more.
On a personal level, I put all my expenses for the month on my credit card and pay it off. I've never in my adult life had credit card bills this low - about 1/5 of the usual. I'm not spending.
The U.S. economy saw the biggest plunge in activity it has ever known in the second quarter, though it wasn’t quite as bad as feared.
Gross domestic product from April to June plunged 32.9%, according to the Commerce Department’s first reading on the data released Thursday. Economists surveyed by Dow Jones had been looking for a drop of 34.7%.
Still, it was the worst drop ever, with the closest previously coming in mid-1921.
hahahaha Thank you for mentioning 1921.
The mini depression. We cut taxes and spending by 40% over 2 years and the UE rate went from 12% to 3%. The economy bottomed out and recovered. <<< NOTHING TO SEE HERE. MOVE ALONG MUNDANES
That's what happens when you allow the free market to work and don't let the benevolent hand of government into the mix.
This is just another example, in a long line of examples, on why conservative policies work and progressivism is a known failure.
I wonder how progressives stand up without a spine?
yet the real estate market is booming. makes no sense.
Does anyone actually believe the economy is still doing GREAT?!
I remember a few weeks ago, people were raving how high the DOW was, even though the country was being ravaged by Covid and then the race riots, its hard to believe how anyone could fall for that large of a deception!
Does anyone actually believe the economy is still doing GREAT?!
I remember a few weeks ago, people were raving how high the DOW was, even though the country was being ravaged by Covid and then the race riots, its hard to believe how anyone could fall for that large of a deception!
Even after this historic dive, I still believe in rapid recovery as soon as the virus is allowed to die out. It is too bad people listen to Russo-American RW propaganda which has many believing the virus is a hoax, and masks are evil. Such mindset only prolongs the recovery.
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