SIGNS POINT TO ECONOMIC SLOWDOWN; FEARS OF RECESSION GROW

It's going to get worse before it gets better.

Initially my company leaders were projecting a "soft landing" for the real estate market/home building industry that would take about 9-12 months to pass. In recent months they've lengthened the projected time to 18-24 months. People all over the country are delaying home buying decisions or outright cancelling contracts, causing a glut of inventory and existing homes. Luxury builder Toll Brothers announced today that orders are down 47%. Our canceled contracts last month were 44%.

The home building industry accounts for 15% of the economy's gross domestic product. Do the math.