IS THERE PARANOYA IN THE MARKETPLACE?

The recent announcement by the President of his proposal to buy out hundreds of billions of dollars worth of mortgage assets in order to stop the bleeding in the financial circles may have had somewhat of an adverse effect. The proposal we were told in part was to help stimulate consumer confidence and yet it might have done the opposite and caused people who were ready to buy now to think twice about purchasing.

The proposal, which will be considered by Congress this week, certainly didn’t do much to alleviate Wall Street investor fears as whitnessed by the dow jones plunge on Monday, giving back all the Friday gains. This coupled with the huge spike in oil prices because investors were looking more to what they considered a safe haven, thereby driving prices to a record one-day gain.

One can only hope that this doesn’t have any kind of trickle-down effect that will effect our local real estate market here in the greater Naples area, just as we were beginning to see the light at the end of the tunnel.