Thursday, October 29, 2009

Real Estate Community Greets Growth with Caution

Posted by: Andrew Pia Written by: Erika Morphy

WASHINGTON, DC-Today the Commerce Department released GDP figures that showed a 3.5% growth in Q3 – the fastest pace in two years. The news did not come as a surprise; both public, private and non-profit economists have been forecasting positive growth for the rest of the year and into 2010, prompting talk that the recession has unofficially ended. In a recent survey by the National Association of Business Economics, 34 of 43 economists polled said the recession is over. Federal Reserve Chairman Ben Bernanke echoed similar sentiments. "From a technical perspective, the recession is very likely over," he said recently.

Still, though despite the macroeconomic gains, few economists are expecting to see dancing in the streets at such pronouncements. Undeniably, there is still plenty of pain that must be worked through, starting with the high unemployment figures. Analysts predict unemployment will not peak until mid 2010 even as growth picks up.

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