Wednesday, July 26, 2006

Monday apartment sales

We were talking to a broker and he said that he got no calls at all on Monday from people looking to buy apartments. He usually gets a number of them every day but on Monday, no calls at all. On Tuesday, he started getting some again.

Monday was the first deadline for the government and maybe people were waiting to see what was going to happen. Or maybe it was just a fluke. The broker didn't think so but it could have been.

There is a history of uncertainty around here. Things are better than they were and the economy is purring along better than most people thought it would this year. But memories persist of people losing everything.

The problem is that the big risk right now is a currency devaluation it seems to me. In the face of that risk, people should be racing to buy something that would be a hedge. Right now, apartments would be that. They could buy dollars too of course. I haven't seen any figures on it to see if they are. But maybe they're just waiting to see what happens.

No comments: