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Old 04-16-2008, 09:50 AM
 
Location: Raleigh, NC
173 posts, read 906,432 times
Reputation: 116

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I am soooooo sick of hearing that we are in a recession. People are still buying and selling homes. When I think of recession I think of the homeless rate going up, people losing jobs and not being able to find new ones.

The media makes me sick. I'm watching CNN and if they say one more thing about this recession I MIGHT GET SICK.
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Old 04-16-2008, 10:08 AM
 
Location: Charlotte, NC
195 posts, read 505,607 times
Reputation: 56
I quit watching the big news about a year ago. Too Depressing. I'll stick with NPR, and the local journals.
Check out pages 12/13 of this months realtor® reflections magazine for some long term insight. "+title+"
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Old 04-16-2008, 11:37 AM
 
Location: Humboldt Park, Chicago
2,686 posts, read 7,451,302 times
Reputation: 1195
Default Real Estate Recession

We are in a real estate recession and an overall recession in the US. Housing is having a downward pressure on overall US growth.

After June, we will have hard numbers to determine if the US was in a recession. Most analysts are saying 1Q was the start of the recession, but we will see. I don't know how long it is supposed to last, but I suspect for much of the rest of this year, perhaps even into 1Q 09.

As far as real estate, we are definitely in a recession. Some may even call it a depression, but virtually everyone outside of the NAR will call it a recession. I don't know how long it will last, but I suspect it will get worse before it gets better. I am looking for bottom in the next 12-24 months, depending on the market.

Recession has nothing to do with homeless rate, though homeless rates can climb during bad economic times. 2 consecutive negative quarters of growth for the US economy defines a recession. Please go back to Macroeconomics 101 and any professor will tell you this. Unemployment is going up, though slightly.

People are still buying homes, but for less money and less often. Inventories are extremely high and prices continue to drop. Good luck to all, but I would encourage waiting a bit longer before buying a house if you can.
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Old 04-16-2008, 11:40 AM
 
16,433 posts, read 20,897,267 times
Reputation: 9578
People are losing thousands of jobs almost daily! Casinos, airlines, computer mfgrs, the movie industry, auto makers, real estate, construction, wall street and on and on. What world are you living in?
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Old 04-16-2008, 11:41 AM
 
Location: Humboldt Park, Chicago
2,686 posts, read 7,451,302 times
Reputation: 1195
Default Bideshi

I think we agree that unemployment is rising. It is still historically low, but rising.
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Old 04-16-2008, 12:26 PM
 
Location: Imaginary Figment
11,456 posts, read 13,708,889 times
Reputation: 4777
Quote:
Originally Posted by missnew2nc View Post
I am soooooo sick of hearing that we are in a recession. People are still buying and selling homes. When I think of recession I think of the homeless rate going up, people losing jobs and not being able to find new ones.

The media makes me sick. I'm watching CNN and if they say one more thing about this recession I MIGHT GET SICK.
When they reported the "Boom" all the time, was it ok then?
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Old 04-16-2008, 12:43 PM
 
Location: Salem, OR
15,067 posts, read 37,265,678 times
Reputation: 15839
Quote:
Originally Posted by missnew2nc View Post
I am soooooo sick of hearing that we are in a recession. People are still buying and selling homes. When I think of recession I think of the homeless rate going up, people losing jobs and not being able to find new ones.

The media makes me sick. I'm watching CNN and if they say one more thing about this recession I MIGHT GET SICK.

While I respect your desire to not get sick...it is really important to give the public as accurate information as possible. When the housing and economy were booming it was reported all over the news and investors and home buyers made choices based on that information. Now that we are experiencing the opposite, I don't think it is fair to the American public to sugar coat the state of the economy.

Consumers need to be able to look at the information so they can make informed choices about home buying, job relocation, etc. Telling people things are wonderful as 80,000 jobs were lost does not help people.

People make decisions that affect their finances on a daily basis such as 1) do I move up into a bigger house or stay put; 2) do I look at relocating for a better job; 3) to I head back to school for more education, etc. I know I would rather have the "facts" as much as possible so that I can make the best decision for me. I know I don't like feeling that someone is misleading me.
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Old 04-16-2008, 01:20 PM
 
27,029 posts, read 43,702,338 times
Reputation: 15343
The accross the street finally is sold after 2,5 years of being empty and a yard in distress. Nobody ever lived there and it was foreclosed after a shady investor tried to get quick money and lost and commited theft by taking all appliances out. I hope he will be prosecuded for it, but finally we are going to have neighbors who are going to take care off the yard, etc. So one sold, more to go.
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Old 04-16-2008, 02:21 PM
 
345 posts, read 425,298 times
Reputation: 141
I suggest you look at housing sales month to month since October 2007, and the specifics behind those sales to see how bad it is out there. There are areas within the states where housing prices have had less retrenchment than others, but only a true Pollyanna could see more than a gloomy perspective for the near term. I trust most Realtors/lenders have a backup plan for paying their bills (second profession/savings). As far as televised doom and gloom, you might end your paid TV programming. Put those monthly payments toward IRA savings, or into a money market account. Cutting expenses and saving where you can in the throes of an economic downturn can only be a good thing. Radio can be a good source of news for free. As far as the housing crisis, look what happened to Japan when their housing bubble imploded. We may well be at the beginning of a very long haul before the greedy, corrupt lending/speculating practices and their fallout here in the states come close to abating, and you can rest assured that greed and opportunity will again rear their heads to hatch other schemes and troubles as surly as day follows night. Sorry, no cuddly bunnies and smiley faces sighted, except here: (~:
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Old 04-16-2008, 02:28 PM
 
995 posts, read 3,779,290 times
Reputation: 361
Quote:
Originally Posted by Humboldt1 View Post
Recession has nothing to do with homeless rate, though homeless rates can climb during bad economic times. 2 consecutive negative quarters of growth for the US economy defines a recession. Please go back to Macroeconomics 101 and any professor will tell you this. Unemployment is going up, though slightly.
I'm an Economics professor at a major research university and you were spot on.
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