How Greece is a Factor in my Homebuying Decision
What Happened?
Greece is in financial trouble and that is affecting economies the world over. The problem is that Greece’s National Debt simply grew too large. Due to government’s spending, the debt expanded 15% annually, but the economy itself was shrinking about 5% each year. As a result, the total government debt grew to 115% of the GDP and it is expected to grow to 150% by 2013. What that means is that the government owes more money than the whole country produces in a year. Believe it or not, the 115% number isn’t that much higher than many other industrialized countries. However, Greece has deep systemic problems. It was forced to cut back it’s spending and because it is a consumer based economy that produces almost no exports, there is little for the economy to do but shrink and make it’s debt burden greater.
The end of an era is fast approaching. Real Estate professionals and potential homebuyers across the country are scurrying to submit purchase contracts before the swiftly looming April 30th deadline of the
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