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morning news
Previous | Next by Casey 12 January, 2003 - 7:00 PM

So here I am watching the morning news and the big story is the stepping down of Steve Case. That coupled with earlier news about the big "earnings restatement" they had makes me think that layoffs are not too far off. That of course means that the puter jobs around this area (DC metropolitan) are going to get tight, really tight. That will be an effect that won't be absorbed for quite some time I think. I expect it could also have a chilling effect on the IT pay scales over the whole eastern seaboard. Like domines these things.
The other funny thing I've recently discovered is that these wonderful pay cuts that the Fed has been putting out hasn't done crap for the housing market from the new home buyer perspective. One of the hopes was that the cut in the rates would make housing more affordable for Americans, but as I've discovered first hand, all that really happens is that sellers raise housing prices such that buyers end up making the same kind of monthly payment, less to interest but more to principal. In the end it means that you ultimately get yourself a kind of real estate bubble, because the minute they start raising rates again, the value of your home is going to be based strictly on inflation and not on artificial stuff like fed rates. Makes me nervous about buying a house.

1/13/2003 >> ben

keeping that posting tradition high! granted, the news isn't so welcome, but hey, what news has been in a while.
my brother, ted, who has posted on here once, deals with the housing market in san diego, and (at least there) there doesn't seem to be any reason for the bubble to burst. of course there, they can only build so many houses per year, and the population keeps going up... here, i don't know so much except for the developing tech areas, such as here at locust point, where houses jumped between 30 and 100k in value in the last 2 years.

1/21/2003 >> spike

i hear ya casey. One of the many reasons jackie and i have decided to keep on renting for a few more years (after we move out of mom's house) is that right now the housing market sucks for new buyers, esp in DC area. I dont want to buy a house and then a few years down the road have the housing bubble burst and find myself having paid tens of thousands of dollars more than it was worth!

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