Apparently Shiller is not optimistic about the direction of the economy.
Based on Shillers view's a look at our personal situation.......
Are our jobs recession proof? Not sure. Both hubby and I work with government clients (federal and state).
If a severe recession were to hit, how would we fare? I think it depends on inflation. We have a reasonable sized down payment as sizable 401k savings. Without a mortgage or student loan debts we can easily downsize our lifestyle. Lack of a mortgage also makes us extremely mobile, so we could move to find work if it were necessary.
Is purchasing a house with a recession highly probable a good idea? Not at this point. While interest rates and home prices are looking favorable, I am keen to wait and see how the economy as a whole weathers the bursting of the housing bubble. There isn't much out there to suggest we are at bottom, at this point there is nothing to lose by waiting.
What can we do to prepare for a recession? Not sure.
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2 comments:
Shiller is the man.I can see lots of govt workers loseing their jobs soon as heads start to roll.
I am amazed at the fraud stories I am hearing and reading about. Lots of people are in serious trouble right now. Look for more fire sales soon.
Both the hubbie and I work for UC. I spent a lot of time getting positioned into a fairly recession proof job. I did this because I saw the writing on the wall in 03. I think we'll be able to ride out any significant downturn because of the type of work we do.
On top of that, I expect UC will offer golden handshakes long before they lay folks off. We have so many people retiring that they'll take advantage of that first.
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