Is it really that bad? Believe?

4. December 2008 by admin.

Hey…

I need some feedback on the new look of our website and newspaper.  tony@outonline.com.  Your opinion really matters with us.  We don’t just say it, we mean it!

Is all this bad news about the economy getting you down?  Is it as bad as the national media is telling us?  I hear some of my customers complain that business is down.  Collectively,  some are doing OK, some are struggling and some are considering closing all together.    And, we are told Pittsburgh’s economy and real estate market is currently one of the best in the country?  Good news for the ‘burgh, but scary thought for the rest of the United States.

The reason Pittsburgh is ranked one of the top cities to ride out the recession is our industries and real estate markets. 

According to the latest Zillow Real Estate Market Reports, home values in Pittsburgh increased 1.72% in the third quarter of 2008, compared to the third quarter of 2007. Nationally, home values decreased -9.7% during this same period.

Thank the high tech, financial, medical, education and steel industries.  Pittsburgh is a leading high tech, educational  and medical center city.   PNC Bank has emerged as one of the largest banking institutions in the country and has effectively avoidable the sub-prime mortgage mess.  UPMC is building new medical canters here and throughout the world.   Look around Pittsburgh and you will see building growth everywhere.  City neighborhoods that were decrepit and with no hope. Today, these neighborhoods are littered with upscale housing, retail shops, coffee houses, fabulous restaurants.  Even downtown has a housing and restaurant boom. 

Having said that, it appears Pittsburgh is doing better than most of the country.  But, things are so great here.   I have always felt that even if one person is suffering, than that is one person too many suffering.  Nationally, layoffs are everywhere, unemployment is raising, retail sales have fallen the largest drop in 39 years!  http://online.wsj.com/article/SB122839721599179263.html?mod=special_page_campaign2008_mostpop. 

The auto industry collapse scares the hell of out me.  Estimates are as high as 1 out of 10 jobs in the United States could be lost if the auto industry implodes.   Give them the damn loans.  If they survive,  the loans will be paid back with interest.

Four and eight years ago, we tried to comfort ourselves by saying… How bad could it get with Bush in the White House?  I can honestly say that our question has been answered.

January 20, 2009 is only 46 days away.  You may ask yourself…how much worse will it get?  I have to believe the best is yet to come.  Right now and during the holiday season, I believe.

Keep reading…

Tony

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