dmccarty
Super Star Member
The GM dealer in our town closed down a few months back as did the next closest GM dealer. We have a small Ford dealership that is owned by a company that has a few smaller dealerships in small towns. I noticed this week that many of his cars were disappearing off the lot. This is how the GM dealer closed. The cars just disappeared one day and then the dealer was gone. The Ford dealer has some cars still on the lot but it looks like he moved off most of the used cars.
The used car dealers in town trade out their inventory from time to time but I have never seen the Ford place to the same. One of the used car dealers just shut down. A new one opened up about 10 miles east of town so maybe he moved.
At least foreclosures are down in NC. Looks like the people who where not so responsible with debt have lost their homes. But the foreclosures are almost certainly going to be higher than normal as people loose jobs and can't find any work or work that pays like their old jobs.
I drove through an area yesterday that I had not seen in a year or so. I used to drive through this area twice a day. Over the years it has gone from forest to subdivision. EXPENSIVE houses. We toured some of the houses in this area back in 2002ish to get ideas for the house we live in now. The houses cost $450-750,000. And this was in subdivision after subdivision. We could not figure out who could afford these homes. The homes where not exactly well built or had great designs. They were just big. 20x20 kids rooms. Things that made no sense.
Driving through that area yesterday was like night and day. Construction had all but stopped. Many of the homes that had been finished where still for sale. They have built some very nice looking all brick townhouses. They look like NY city brown stones. Very nice. A few were sold most for sale. They have a HUGE rec center with a pool that has an island. The island has multiple slides. There is a two story brick building that holds another water slide. The rec center building is huge. Going to be interesting if that opens up for the summer. I would be surprised if they have enough members to run the place.
Eventually this area will boom again. But I think its going to be iffy if the developers can keep out of bankruptcy. One of the areas biggest developers has made lots of money buying up developments that have financial problems. If he is not one of the owners of these developments he will be....
Later,
Dan
The used car dealers in town trade out their inventory from time to time but I have never seen the Ford place to the same. One of the used car dealers just shut down. A new one opened up about 10 miles east of town so maybe he moved.
At least foreclosures are down in NC. Looks like the people who where not so responsible with debt have lost their homes. But the foreclosures are almost certainly going to be higher than normal as people loose jobs and can't find any work or work that pays like their old jobs.
I drove through an area yesterday that I had not seen in a year or so. I used to drive through this area twice a day. Over the years it has gone from forest to subdivision. EXPENSIVE houses. We toured some of the houses in this area back in 2002ish to get ideas for the house we live in now. The houses cost $450-750,000. And this was in subdivision after subdivision. We could not figure out who could afford these homes. The homes where not exactly well built or had great designs. They were just big. 20x20 kids rooms. Things that made no sense.
Driving through that area yesterday was like night and day. Construction had all but stopped. Many of the homes that had been finished where still for sale. They have built some very nice looking all brick townhouses. They look like NY city brown stones. Very nice. A few were sold most for sale. They have a HUGE rec center with a pool that has an island. The island has multiple slides. There is a two story brick building that holds another water slide. The rec center building is huge. Going to be interesting if that opens up for the summer. I would be surprised if they have enough members to run the place.
Eventually this area will boom again. But I think its going to be iffy if the developers can keep out of bankruptcy. One of the areas biggest developers has made lots of money buying up developments that have financial problems. If he is not one of the owners of these developments he will be....
Later,
Dan
