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I keep hearing all this BS about recovery and how the economy should go back to normal by the end of this year but yesterday, the WSJ reported that they are expecting another 600000 jobs to be lost in April and retail sales are down 1.1% from March. Do you honestly believe there will be a speedy recovery?
I keep hearing all this BS about recovery and how the economy should go back to normal by the end of this year but yesterday, the WSJ reported that they are expecting another 600000 jobs to be lost in April and retail sales are down 1.1% from March. Do you honestly believe there will be a speedy recovery?
Yes, i have every confidence that the economy will recover, unfortunately there will be more job loss. A report came down today that showed the unemployement claims went down for the second week in a row.
Things will pick up eventually, it will not happen overnight. Would be nice, but it will not. The recovery of OUR economy should not be seen as BS. Its like those who are negative against this administration and their policies (in some cases rightfully so) would much rather the economy to remain as it has the past 12 months. That should not be the case.
The same government spending and government policies that many are fighting against and speaking against they will need to rely on if the Economy does not continue to improve.
I keep hearing all this BS about recovery and how the economy should go back to normal by the end of this year but yesterday, the WSJ reported that they are expecting another 600000 jobs to be lost in April and retail sales are down 1.1% from March. Do you honestly believe there will be a speedy recovery?
No, the economy will not recover until the housing industry begins to recover and that is not going to happen soon. It is estimated that only about 30% of forclosed homes are up for sale in MLS. About 600,000 forclosed homes are NOT on the market yet.The combination of that and the coming rise of additional mortgages that will reset and how those 600,000 jobs lost just in April do not make things look good.
Last edited by coastalrap; 04-16-2009 at 09:31 AM..
Reason: 600,000 not on the market
I keep hearing all this BS about recovery and how the economy should go back to normal by the end of this year but yesterday, the WSJ reported that they are expecting another 600000 jobs to be lost in April and retail sales are down 1.1% from March. Do you honestly believe there will be a speedy recovery?
Not a speedy recovery no... I don't see it in my business.. volumes are still down and we are tied to the housing industry... I don't see a recovery until mid-2010.
I agree with vsmoose and coastalrap. Until the housing industry recovers, the overall economy will not recover. There is such a glut of houses already on the books and many more to come. In some states, homes have lost so much value, that they are unsellable and are just more foreclosures waiting to happen. It's going to take at least a few years, at least, to work through the inventory.
A report out today said that 1 in every 27 homes in California are in some stage of foreclosere
The Commerce Department said Thursday construction of new homes and apartments dropped 10.8 percent last month to a seasonally adjusted annual rate of 510,000 units. That was the second lowest construction pace in records that go back 50 years.
The decline was worse than economists had expected and February activity also was revised lower. That is more evidence that the steep slump in housing, which was a major factor triggering the current recession, has yet to run its course.
I understand banks aren't even kicking people out of the foreclosed homes anymore. There are too many to manage, secure and maintain.
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