When Weather Affects the Economy on the Ilyce Glink Show July 17, 2011:
We are in the dog days of summer and I’m not sure what the situation is in your area, but we have had a series of crazy summer storms in the Midwest this year. Earlier this week, Chicagoland experienced hurricane-category winds of 80 MPH that knocked down power lines and disrupted Internet service on a large scale.
When storms like this occur, planes can’t take off, businesses don’t operate and billions are lost. In short, there are serious implications when weather affects the economy.
There’s sunny skies and warm temperatures in Greece this week but that doesn’t stop global concern that the country’s economic troubles could act as a “contagion (there’s a buzzword we haven’t heard in awhile)” that may spread across the rest of Europe.
Also on this week’s show, I speak with Mark Teytel at Realty1st about what’s going on with foreclosures and short sales. Mark suggests that as bad as the situation is, we could be looking at a 50-1 ratio where for every foreclosed home out there, there’s another 50 waiting in the wings.
Sound alarmist? Many experts concur that there’s a huge amount of shadow inventory with which we have yet to grapple.