Are We Still In A Recession? ~ Orange County, Ca

Are We Still In A Recession? ~ Orange County, Ca

A recession is defined as a decline in GDP for two or more consecutive quarters. Have you checked the GDP for the past quarters? GDP has been positive for the past four consecutive quarters! What does this mean? You got it right, we're not in a recession according to the Bureau National Economic Analysis.

Do you still need more convincing statistics? Well, I've got them for you. The average sold price for a home in Los Angeles was $321,977 in September 2010 and $271,346 in September 2009. That's an increase of 18.65% in the sold price from '09 to '10.

Please take a look at the S&P Home Price Index. The index is in positive territory signaling that home prices are slowly, yet surely recovering.

History repeats itself. The economy has experienced contractions and expansions ever since the creation of time. Home prices won't stay at these low levels forever as the early expansion has already begun (in my opinion). The smart buyer/investor acknowledges the market and takes advantage of the given opportunity.