Economic Slowdown?

With the stock market faltering and the sub-prime mortgage market taking a hit, the economy seems to be hitting a bump in the road. The question is, will there be more? There has already been speculation that more mortgages will default in the next few years as buyers experience higher interest rates when they go to refinance. This is all interesting, but how does this affect the common guy? Besides the interest rate part, I'm not so sure that we will feel much pain. I'm not so sure that there will be new jobs created, but it appears that there are already plenty of jobs available that are somewhat specialized or require some education and skill. Where this might affect local residents is in the real estate market. With so many condos being built here in Tacoma, the market could see a glut right when interest rates could be rising. Eventually I think demand will catch up with supply, but I think we could see some good choices for condo buyers if they go to market at the right time. So if you're going to be looking for some real estate, your prime time may be coming to buy.