It’s Now Official: The U.S. Is in a Recession

Posted by: Carleton Sheets in Recession, Economy on Nov 30, 2008.

I read an article today that the U.S. is officially in a recession---and has been since December 2007. What seemed obvious to many for some time has just now been recognized by those who are in charge of documenting it for the history books.

And more breaking news ... it all started with the decline of the housing market!

It seems that this will be one of the longer recessions in the history of the U.S., second only to the Great Depression. And there is little positive news from policymakers. Even if the economy does begin to turn around in 2009, we still have a rocky road ahead of us.

There are a few glimmers of optimism in this: If we haven't hit bottom, we're close. And once we hit bottom, the only place to go is up. Another glimmer is that steps have been taken by the government to ease the blow so, although the downturn is imminent, it could have been worse.

I cannot emphasize enough that now is a great time to purchase properties while housing values are deflated. I hope that you are taking advantage of this market.

What is your prediction for the housing market? Do you think it will stabilize or keep declining through 2009?


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housing market
written by jacob leszczynski, December 09, 2008
I think it will stabilize more but still not be where we need it.
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Housing
written by James McCalmont, December 10, 2008
There will be a stabilization in the market but housing values will be 10% to 20% lower. This in turn will cause the property tax mill rates to increase because the people spending the money have been irresponsible and don't know what cut back means. Almost every city, town, county and state debt to tax ratio that would knock the socks off a centipede. There is going to be good opportunity next year for those with imagination.
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written by Phillip Ogle, January 04, 2009
I see the down turn continuing AT least through March or April BEFORE anything stabilizes and the housing market WILL continue to fall for the first half of 2009 then it will begin to stabilize and prices of homes will be at their lowest, the lowest we have seen the market in a very long time. Everyone at this time is very cautious with their money to see where the market will go and how far, the new president & congress have much to do in order to keep this economy from falling into complete depression and they have very LITTLE precious time to do it. I personally am going to wait for a few months to make any MAJOR purchases right now & watch the market to make a slight rise to invest. It will take some time for the general public to gain their trust back in the economy and the financial institutions in order for the stabilazation to take effect, if his DOES NOT haooen we WILL continue and go head first into a Greater Depression than was in the 1920's! Lets all hope this does NOT happen!
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