Economic Recovery on the Horizon
Posted: October 29, 2009
The recovery of our nation's economy has been (and still is) a hot topic of debate. With a combination of increased home sales, lowered home prices, and one of the highest unemployment rates in over 26 years, it can be difficult to pinpoint what direction our economy is taking. In a recent meeting among the National Association for Business Economics (NABE), the group consensus was positive, but was mindful that a full economic recovery won't be happening overnight.
Among the topics of conversation at the meeting was rate of economy growth. Approximately 80% of NABE's panel of advisors felt that the recession formally ended in July of this year, and that growth can be expected at a rate of 3% (in 2010).
Another aspect of the economy that is expected to increase is the rate of unemployment and defaulted mortgages, along with tightening credit standards and availability. Inflation is expected to stay relatively low through 2010, due to the still-high levels of unemployment.
Though most experts feel that we are just beginning to dig ourselves out of the slump, it is important to remember that this kind of economic disrepair takes more than a few months to resolve.
As always, please feel free to contact me at 239-357-9558 with any of your Real Estate needs or questions. Rgds, Jay
Information courtesy of Florida Realtors.
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