NORWALK - Experts say the recent volatility on Wall Street has a strong potential to trickle down to homeowners in southwestern Connecticut because of its concentration of residents who work in the financial sector.
Lehman Brothers? bankruptcy filing Monday and insurer AIG?s increasingly precarious financial situation are causing many in the area to worry or even panic.
Joe McGee, vice president of the Business Council of Fairfield County, says if AIG doesn't come up with the $25 billion it needs by Wednesday, potential job losses in southwestern Connecticut are significant.
Real estate attorney and author Jim Randel says the housing market has to bounce back before the economy can turn around. However, if more people continue to lose their jobs, and therefore can?t pay for their homes, that will be very difficult, he says. McGee says it?s important to learn why the industry wasn?t able to regulate itself. Many are wondering whether they should pull their money out of the stock market, but McGee advises staying in and riding it out.