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Its Official...It's a 'recession'

By
Mortgage and Lending with Cherry Creek Mortgage

Hang in there everyone... the worst should be past us

The National Bureau of Economic Research said Monday that the United States has been in a recession since December 2007, making it official what most Americans have already believed about the state of the economy.

The NBER is a private group of leading economists charged with dating the start and end of economic downturns. It typically takes 6 to 18 months after the beginning of a recession to declare its start. The NBER similarly does not declare an end to the recession until long after the "expansion" has begun.

The current recession will likely prove to be one of the longest downturns since the Great Depression of the 1930s. The past two recessions (1990-1991 and 2001) lasted eight months each, and only two of the 10 previous post-Depression downturns lasted as long as a full year, according to the NBER.

 

It's a 'recession'

Comments (3)

April Hayden-Munson
Brookfield, WI
Brookfield Wisconsin Real Estate

Hey Rick, Since we are into it about 12 months, it will be over hopefully before we know it!

Dec 06, 2008 05:46 AM
Rick Kellow
Cherry Creek Mortgage - West Bend, WI
FHA & Reverse Mortgage Expert

thats my way of thinking

Dec 06, 2008 06:29 AM
Larry Bettag
Cherry Creek Mortgage Illinois Residential Mortgage License LMB #0005759 Cherry Creek Mortgage NMLS #: 3001 - Saint Charles, IL
Vice-President of National Production

This is cool R....I'm forwarding to all the LOs in my office.  Very good stuff!

Dec 06, 2008 02:58 PM