The All American Stay-cation

Luke Constantino September 3, 2009

A lot of Americans are opting to stay close to home this Labor Day weekend. I hear a lot of people are not traveling abroad or flying as much this year because of the economy. I'm hearing a lot about families camping, going to local area beaches, or staying at home for BBQs and block parties. I myself am going to visit with family for a BBQ. Can this poor economy be bringing family and friends closer together?

As a Realtor in NYC, I have noticed a lot of stores closing, high end properties for sale and everyone just trying to consolidate as best as they can. I also hear a lot of tension when speaking to sellers being presented with low ball offers 25-40% below current market value. It's frustrating as hell! The President said "It's going to get worse before it gets any better." We all know that, but when is it going to get better?

Foreclosures are at an all time high here. I have never seen so many in my life! This is only the first wave of what's to come. You have a lot of good people taking out loans to keep their homes and businesses afloat until this blows over. It's taking longer than predicted. They will be the next wave of property/business owners in trouble. Along with banks, accumulating inventory and these types of loans going unpaid, how long is this crisis going to last?

I'm seeing property prices starting to regulate from the overpriced market we were in for a while, but I am also seeing something else: Family and friends starting to get together and be a little friendlier to each other, and families cutting down on the bloated budgets they were working with. Neighbors are socializing more. If it takes an economic crisis for this to happen, I hope we stay this way a little longer.