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History Suggests That Recoveries from Debt-fueled Financial Bubbles are Bound to be Slow
If your waiting for the market to return before you sell your home then you may be in for a long wait, we are still in a declining market and have not seen the end of the tunnel yet! Consider getting out now while interest rates are still at record low for buyers. Not ready to sell, have you considered renting?
"With uncertainty hovering over the economy like a gray cloud, we don't visualize a return to trend growth to approach 3 percent or so until late 2011," said David Shulman, a senior economist with the UCLA Anderson Forecast.
"In this environment, the unemployment rate will remain extraordinarily high, ending this year at 9.7 percent and 2011 at 9.5 percent."
That's about where unemployment is now -- 9.6 percent was the official rate reported for August.
The UCLA Anderson Forecast anticipates that housing starts, which plummeted from a peak of 2.07 million in 2005 to 554,000 last year, will total only 606,000 this year and 815,000 next year. It will be 2012 before housing starts break through the 1 million mark again, the forecast predicts, when they are expected to reach 1.2 million.
"With uncertainty hovering over the economy like a gray cloud, we don't visualize a return to trend growth to approach 3 percent or so until late 2011," said David Shulman, a senior economist with the UCLA Anderson Forecast.
"In this environment, the unemployment rate will remain extraordinarily high, ending this year at 9.7 percent and 2011 at 9.5 percent."
That's about where unemployment is now -- 9.6 percent was the official rate reported for August.
The UCLA Anderson Forecast anticipates that housing starts, which plummeted from a peak of 2.07 million in 2005 to 554,000 last year, will total only 606,000 this year and 815,000 next year. It will be 2012 before housing starts break through the 1 million mark again, the forecast predicts, when they are expected to reach 1.2 million.
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