Last week MIBOR(www.mibor.com) released 2008 Sales Data in their service area. The stats confirmed what we all had been expecting. Sales volume is down 20% from 2007 and 2004 and 28% from 2006.
While not surprising, we need to keep this in perspective. The early 2000's have seen record numbers of sales volume. So when comparing a "bad" or "down" year to the highest numbers ever, of course it will look bleak.
Is this a fair comparison? Are we experiencing a market correction? Or are we headed to a "new" normal?
I think we are experiencing a market correction which may be either prolonged or compounded by the proposed intervention of the federal government. I am hesistant to think the bailout will be a mid-term to long-term solution.