They certainly made Lawrence Welk famous. The economies of Central and Eastern Europe were the last to go into the tank. They had been buoyed some by membership in the European Union. Latvia’s real estate had been propped up by unrealistic lending criteria.
When the bubble did pop, it splattered hard. Most of these economies, except for a few little pockets, dropped like a rock. The thing to remember about emerging economies is that they move really fast. This has been the lesson learned in South America. The USA or western Europe may take years to recover. When these small economies take off, it will be rocket-ship style.
I’m not saying that it is time to buy. It is time to look for market landmarks. There will be some awesome opportunities and some terrific profits will be made. If it is not time to buy it is at least time for close observation of these markets. The examination must be of the general market; but pay close attention to micro markets. There will be pockets of greater opportunity. A rising tide supposedly raises all the boats. Some of these boats may have already sunk.
David Segrest is a REALTOR® in Charlotte NC. His website is http://www.segrestrealty.com His email is david@segrestrealty.com He is also a contributor on Argentina to: http://realestatebloginternational.com/
Friday, August 27, 2010
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