Not sure where to start this post… The Dow Jones closed down 7% for the day and both the Nasdaq and S&P 500 both down right around 9%. All of this due in large part to the negative vote the $700B emergency rescue package received today in the house. This is the article from the Florida Realtors website regarding the matter.
Wachovia’s stock price plummeted to $1.84 (down 81.6%) to close the day after the Citigroup takeover and the news from the house.
What does this mean for the real estate market? Jacksonville’s in particular… Well, I had a buyer call to check rates after the news and they were actually a bit better than last week. So far, so good.
All of those waiting on the bottom to purchase a home in Jacksonville (or anywhere for that matter). BUY NOW! I believe it was John D. Rockefeller who said, “The way to make money is to buy when blood is running in the streets.” I don’t think we’ve seen financial crisis like this in quite some time (Great Depression?)
Need help identifying a good deal? Let me know… Give me a call or shoot me an email. That is indeed my job!
Filed under: Investing, buyers, jacksonville real estate, real estate market
