Housing Market Already in Recession...
...Says Merrill Lynch
(From the Christian Science Monitor)
"In the past, of 10 slowdowns in home building since 1959, seven have preceded broader recessions for the economy as a whole. But there was a significant lag time - often about 20 months - between the moment when construction started to ebb and when the economy entered recession, according to research by Merrill Lynch."
"Most economists aren't forecasting recession for the US economy next year, but the prospect of more interest-rate hikes raises that risk."
'"We think it's a pretty safe assumption that the housing market has already entered into a recession," Merrill Lynch economists wrote in a recent analysis."
"Builders are starting new homes at a pace that has plunged at an annualized rate of 56 percent in the past three months, they note. That's similar to what occurred early in 1991, when the economy was in recession."
posted by Athena @ 6:00 PM
2 Comments:
It's about time. Those of us who have the traditional, college education then job should be in good shape. It is sickening to see high school drop outs selling houses and taking $40k+ commission of our hard earned $$$. If I wanted to go get my RE license, I'd feel it was my last resort for making money . . . You don't have to have any skills. The only requirement is to lie straight faced.
I hope that all of those waiting to buy home at a decent price will find the market to be in their favor in the next six months.
I am tired of my “baby booming” neighbors listing their houses at $200-300k above market value to see if someone will bite. The lies, twists and greed needs to be stomped on big time. Our Social Security is already spent, now we are being directed toward a housing market that is sure to crush us in the end.
i believe the recession,like rain will fall upon the just and the unjust alike.glad i've got an umbrella.and yoo-hoo merrill lynch the recession is here.
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