I've been scouring all the articles and came across one that I thought had interesting points and analysis. The article titled, "Economists see longest U.S. recession since WWII" by Emily Kaiser for Reuters starts out saying, "The U.S. recession will probably be the longest since World War Two and could worsen without heavy government spending". This is apparently from a survey of 52 economists from top financial firms, major companies and academia. Most of those polled think the recession will end in the third quarter of 2009.
That's the good news, sort of. The bad news . . . most seem to think the peak of unemployment won't occur until early 2010 implying a slow recovery. Here's the link to the article for your reading pleasure: http://www.reuters.com/article/rbssIndustryMaterialsUtilitiesNews/idUSN0949925320090110
Want some more good news, nationally, home prices in major markets have seen a 22% decline on average. However, the Louisville area has not seen this level of depreciation in prices. In fact, many areas seem t be holding prices steady. Mortgage rates have been on the decline since December and mortgage officers and appraisers have seen activity spike dramatically after an extremely slow November. This activity has carried over into January. Most of the activity seems to be coming from refinances of existing mortgage with very few new home purchases being involved.
However, I had a conversation with a realtor this week and they are indicating activity is definitely on the rise and they are optimistic about a turn around in real estate purchases.
Stay positive!
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