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Is the recession over?

Don't shoot the messenger but a number of economists are starting to predict the "great recession" as having ended or is ending very very soon. This week, Dr. John Connaughton from UNCC and Pete Keane from Keane Capital management were two that are top of mind as declaring we've quite possibly hit rock bottom. Their rationale is that the stock markets are showing 20%+ gains since March, unemployment rolls are shrinking, and consumer confidence is starting to build back into the economy. From a personal standpoint, our phone and internet sites have been flooded with traffic and we're writing more contracts than we have in years.

There still remains a bit of caution going forward as the end of a recession doesn't mean an end to massive layoffs, etc. However, maybe there's a bit of optimism that is building back into our economy?

Your thoughts?

Charlotte Real Estate

Posted by Jonathan Osman - Charlotte / Matthews NC on 06/05/2009 10:15 AM

Comments (5)

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5 Comments on Is the recession over?

JUN

I think we're coming close.

When I see the amount of buyer activity surging as I am going crazy trying to keep up with the amount of showings I am doing and offers I am writing, that pretty much tells me that consumer confidence is there.

And basically, Americans are too greedy to allow a recession to linger.

Yea right, I got some land I want sell you and I will throw in a bridge. Lets try 2015 before the overall market reaches 2005 to 06 levels till then we will see prices drop to pre 98 levels. I not an economist, nor an ostrich I am a survivor of the 70's then the 80's and this is worse than they were.

The only thing making this look good is the government has more control therefore they can let things like gas go up and down to have us at various times believing it is pulling out. But by the end of 2010 the money will have to be stopped from printing and other countries will see what we are doing and demand it be stopped.

I'm not sure that we are out of it yet with interest rates rising, inflation looming, and the value of the dollar shrinking...

I definitely think that we are at the bottom in many areas of the country. So many buyers that I've been working with for MONTHS are finally ready to submit offers... it's been a busy month, but I'm not complaining!

JUN

Jonathan, I pulled this from another discussion, it's one the most basic & best ways to sum up where we are at. "There is not enough cash in the US to both A. buy all the government debt being floated, and B. buy all the homes going into foreclosure. Something has to give! Rates up? Prices down? I vote both!"

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