From my late 2008 notes on the collapsing economy:
Vicki and I met M for lunch. He is almost out of work, and he told us how bad surveying is in Tucson ÛÒ C has shut down, and S is unemployed. A sad letter as L sent me her resume, out of work. P asked for advice on starting a solo practice and I gave him a lengthy reply. He worked for O, who has shut down. A very depressing note from K, out of work, a sick wife, deeply in debt, and may lose his home.
Hopefully that entry doesn't get repeated anytime soon, BUT locally the boom is about where it was before the bust last time, probably due for some major correction again.
SHG
A not so gentle reminder to bank it while you can.
Around here, lower westchester county ny, the market has been nuts for the last 3-4 years. In a couple areas is never stopped slowed.
Unfortunately I think Shelby is correct and we are a year or two away from the decline. And unfortunately many areas still think they are in a recession, so it's gonna be extra bad for them if so.
Shelby H. Griggs PLS, post: 378929, member: 335 wrote: Hopefully that entry doesn't get repeated anytime soon, BUT locally the boom is about where it was before the bust last time, probably due for some major correction again.
SHG
And here the cost of living is skyrocketing as well.
The number of legal notices increases in the local papers announcing lenders legally reclaiming properties from those unable to pay their mortgages. Several recent ones involve properties that I surveyed to create the parcel mortgaged and now being lost for non-payment. I have noticed several others with "For Sale" signs near the road or street. Meanwhile, I'm cutting out tracts each week that will each have some young couple constructing a new house thereon with hopeful aspiration.
Had a fun conversation with one local banker yesterday. I was discussing how the local banking industry worked about 30 years ago when he was still a student. At that time, they were spending more efforts on repossessing collateral for loans that were not being paid than they were spending creating new loans. The times were very, very ugly. People losing their homes and livelihoods simultaneously were doing all sorts of despicable things in an attempt to somehow survive the inevitable. Good friends lied to good friends daily. Too many had taken recommendations from others (who would profit nicely from those recommendations) as gospel and fell into incredible debt as a result. Lenders offering to lend in excess of the appraised value being one of those deceptions.
My company did ok in 2008 and 2009. However, the next couple of years were not good at all.
I don't remember if it was 2009 or 2010, but my net profit droppd by half from the year before.
Jan 20, 2009 was the day I was laid off working for the same surveyor for 18 years. All due to the lack of revenue coming in the door. I have been kicking around the idea of a solo practice, but I am keeping my eye on the market conditions in my area. It's a mixed bag, a lot are busy, and some others are starving for work.
where i worked in '08 (as well as '03-'12) we went from 14 crews, 8 techs, and 5 staff rpls on jan. 1 to me, 2 techs and 2 crews by dec. 31.
right now feels even more nuts than it did leading up to '08. clients not even caring about fees, title companies being incredibly cavalier about exceptions, etc.
i don't know when it's coming, but i have a bad feeling about it when it does.
flyinsolo, post: 379697, member: 11880 wrote: where i worked in '08 (as well as '03-'12) we went from 14 crews, 8 techs, and 5 staff rpls on jan. 1 to me, 2 techs and 2 crews by dec. 31.
right now feels even more nuts than it did leading up to '08. clients not even caring about fees, title companies being incredibly cavalier about exceptions, etc.
i don't know when it's coming, but i have a bad feeling about it when it does.
Yup. Same here. I don't think it's too far off
2008 was 40% below 2007, and it took about 7 years to get back to the 2007 numbers.