The real estate froth is gone and that's not news. Renovations have slowed too. The contractors and trades who do plumbing, electrical, site work, framing, counter-tops, flooring, roofing and a long list of other things, have lost their backlog of work, gone out looking for it and even lowered some prices.
For a lot of these folks who had small businesses - especially the ones that weren't that good, but survived primarily because the demand was so high - the game is over. They're not going to make it. Even the good ones are having to manage things differently, more carefully. There is a little fear out there.
So the small business doesn't go out and buy that F-350 (he tries to get by with the old one). The Ford dealer gets rid of the night clerk and the lot attendant to save payroll. The car dealer, the clerk and the lot attendant have a problem that started as a housing valuation and finance problem.
So the small business doesn't go out and buy that F-350 (he tries to get by with the old one). The Ford dealer gets rid of the night clerk and the lot attendant to save payroll. The car dealer, the clerk and the lot attendant have a problem that started as a housing valuation and finance problem.
Yes - things are connected, cyclical and often unavoidable. Annoying huh?
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