As the current economic situation affecting the main road?

Wall Street and around New York City, New Jersey and Connecticut (the Tri-State area) suffer from the current financial crisis. Business bankruptcies and mergers, which activate the downsizing, there are the losses of jobs. Number of vacancies and the housing market is less than that of the houses are sold when employees leave the area. Local restaurants, laundries, pet shops and other small businesses losing customerscould force them to close. These companies are strong beyond belief, but I predict that the victims as a result of financial recovery.

If you live outside the Tri-State territory, what impact do you feel?

1) Your bank could a new name, before the end of the year, but the money should be safe. Accounts that are insured by the FDIC up to $ 100,000 are safe up to $ 250,000 per depositor per bank.

2) The balance of your retirement plan seems insufficient towill guide you through the golden years. If history is a good indicator, recall their courage and hope you have enough time to do it again. diversification of their investment will be important for recovery.

3) The value of your home has probably decreased from the values of which occurred just a year ago.

a) If your home for a long period and have not decreased significantly in equity, should not feel the financial bite. I wouldmore money if you sell the house to its maximum value, but if you decide not to sell, how much care?

b) If you recently purchased your home and take a large loan or an adjustable rate mortgage, you feel pain. The rescue plan signed into law October 3, 2008 provides options for changing conditions of the loan, refinancing, or avoid bankruptcy, but we have all the details yet.

4) The loans to buy a home will be more difficult forbit 'of time until the market stabilizes. The pendulum of easy credit has moved in the opposite direction, and the subscription has risen to be too lax for too stringent.

If the local economy is stable growth and employment, the impact will be minimal, but you will notice the difference. A real estate agent in Southwest Virginia, has accused the pessimism in the media. "The market would immediately improve if the people of paper and turn off the television," said BarryBridges Bridges and Society in Roanoke, Virginia. I think I agree with him.

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