Economy Moving Ahead Slowly - Very Slowly
Reuters News reported that "the American Bankers Association's economic advisory committee concluded Wednesday that a double-dip recession is very unlikely."
Don't get too happy because: Stuart Hoffman, chief economist with PNC Financial Services Group stated that "the economy is moving ahead in a lengthy rehab process and will eventually return to full health and strength." Lengthy means a looooong time and evetually means not any time soon.
The economic advisory committee agreed that "jobs are the biggest problem, with only about half of the total jobs lost during the recession likely to be replaced in the next two years." So when do you think the rest of the jobs will be coming back? 3 to 5 years - or longer?
With this information - I have to wonder - What are the sellers that have had their house on the market for a very long time without a price reduction thinking? Do they really think that the market is cathing up to their overpriced property? What are their agents telling them - Don't worry - that special buyer that wants to overpay for your house is out there? I guess there are people out there that have not been listening to the news.
For the full story please refer to:
http://www.realtor.org/rmodaily.nsf/pages/News2010061704?OpenDocument
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