After a long and trying winter, this breath of warm, fresh air is most invigorating. It is wonderful to feel good and positive again, if only for a day. Now let's try to keep this feeling going. There is another big headline today that may impact Hamden in a positive way. The Economic Stimulus bill finally was passed by Congress. If this opens the spigot of money for municipalities and consumers, we may soon be singing a happier tune.
Before we get too ahead of ourselves, winter is by no means over, and neither is this recession. There are, however, signs of change in the air. In the macro economic picture, the distressed real estate market in southern California may be bottoming. Money is starting to flow through our banking system, if slowly. That's the positive side. On the negative side, the shoe has yet to drop on the commercial real estate market and on consumer loans and credit cards. That could slow the recovery. This uncertainty and insecurity was reflected in gold closing at $943 per ounce today, nearing a record high. All is not lost, however. We are thinking creatively about how to turn this economy around. There will be hits and misses, but it will happen eventually.
Locally, I am seeing a glimmer of hope in that the bank owned properties are starting to sell. This will have an immediate positive effect on our neighborhoods. Our inventory is low, only 227 single family homes for sale in a town of nearly 60,000 people. According to our local Greater New Haven Association of Realtors, 201 homes sold in the past six months at an average sale price of $257,350. It took an average of 71 days to sell a home. Let's see what $789 Billion does for our economy. Wise use of these funds will go a long way towards restoring faith in our economy and raising our spirits.
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