It's a bit unusual for a quiet October
My wife had a quick chat with the joinery Jack who did our laundry and bedroom cabinets last week at school. Jack was always very busy every day, he leaves home before the kids wakes up and rarely gets back home before 9 pm, a very hard working guy. Surprisingly, he turned up at the school that day to drop the kids.
According to Jack, in the past few years, it was always extremely busy during October/November as lots of construction/renovation work all tried to get things done before Christmas. But it has been very quiet for everyone recently and he was really worry.
House price to drop further?
I also just finished watching 60 Minutes from Channel 9. They talked about 1 in 6 house owners with mortgage in US are now owing the bank more money then their house actually worth. They also showed some middle class people who used to own properties are now living in their cars as the banks took their houses.
There's also a economist in the show who predicts the property price in Australia could drop another further 40%, a high 10-15% unemployment rate and it could take more than 10 years for the economy to recover...
Man, if we were all so unlucky (or lucky?) to get this once-in-every century recession, may be we should be more "constructive", turn around and try something else with the luck. There's a $20 million Lotto on 1st November, if you can get it, you won't have to worry about all these recession craps any more!
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