Economic Guru Foresees Slow Recovery
Economic Guru Foresees Slow Recovery
The economy will bottom out in the fourth quarter of 2009 and then begin a slow climb, predicts Mark Zandi, senior economist at Moody’s Economy.com
“The economy won’t come roaring back,” Zandi says. “The sectors that generally lead us out of a recession—housing and vehicles—are flat on their backs and won’t revive rapidly. The economy will kick into high gear in 2011 and 2012.”
The housing market is one of the major factors preventing a faster recovery, he says. “I am expecting the end of the [housing] price decline to occur later this year or early in 2010," he explains. " But that is an assumption.
We need to see the loan modification program work. If it doesn’t work, foreclosures will go up and that will put pressure on consumers because of loss of wealth.”
Do you feel that housing prices in our area have reached thier bottom?
The economy will bottom out in the fourth quarter of 2009 and then begin a slow climb, predicts Mark Zandi, senior economist at Moody’s Economy.com
“The economy won’t come roaring back,” Zandi says. “The sectors that generally lead us out of a recession—housing and vehicles—are flat on their backs and won’t revive rapidly. The economy will kick into high gear in 2011 and 2012.”
The housing market is one of the major factors preventing a faster recovery, he says. “I am expecting the end of the [housing] price decline to occur later this year or early in 2010," he explains. " But that is an assumption.
We need to see the loan modification program work. If it doesn’t work, foreclosures will go up and that will put pressure on consumers because of loss of wealth.”
Do you feel that housing prices in our area have reached thier bottom?
Labels: Naples Real Estate Market
posted by Mari Vesci at
3:58 PM
