BAIN REAL ESTATE ON CHAMBER RADIO – OIL PRICES PLUNGE ……
Visit.toginet.com to listen to Dave & Carolyn Bain & Martin Ibarra, Bain Real Estate, on what is
happening with real estate in Tyler and with their company. The website is a nifty way to keep up with businesses in Tyler and the area.
With oil prices PLUNGING – TO $110 a barrel on 9/2/08 – this follows the prediction of Dr.
Mark Dotzour, chief economist for the Real Estate Center at Texas A&M U. As early as 2007,
he mentioned that high prices for building materials and energy would hinder economic growth
in the U. S. He also suggested the Chinese economy may be overbuilt & that commodity prices would decline the weeks following the Beijing Olympics. Less than 2 weeks after the
Olympics ended, oil prices dropped and the jury is out on construction costs.
If China is overbuilt, then we will see a decline in construction materials, as we have oil prices.
If this does not happen by the end of the year, then we can expect cost of erecting buildings
is going to be higher for a long time.