I commented to a customer a few weeks ago that I wouldn't be surprised to see the dow dip below 11,000 and possible hit just above 10,000. Let's face it, the economy is getting really bad. I see more and more store fronts for sale or lease, more and more homes staying up for sale longer than 2 years ago.
I am also hearing more stroies of people having a hard time getting by. We won't know the real effect of the gas prices reaching historic prices for another 2 months. Everyone is using the evil plastic, credit cards.
Not only will we see the housing market continue to fall apart, come Late August, early September, we will see reports of people falling behind even more on their credit card payments.
We are in a recession, we've been in a recession. Being it is a very "political year", we can't take too serious government warnings and reports.