Economists...."Recession is Over!"

So there you have it.....It's over! The National Bureau of Economic Research declares today that their non-profit research has determined that the recession that officially began in December of 2007 officially came to an end in June of 2009, marking the longest standing recession since the World War II.


The above is based off the GDP (Gross Domestic Product) which measures economic activity, which reached its low point in the second quarter of 2009 and showed significant growth in the third quarter ruling out that the recession went beyond this date.

So what does this mean? Well folks as much as its always better to receive uplifting and positive news, this by no means disguises the harsh reality of where we remain in this market.


From a real estate standpoint, August marked one of the largest months in history of home foreclosure filings. Additionally, with the housing market still depressed and nearly 1 in 10 people out of a job, economists are concerned about the economy lapsing into another recession.


Trickle down effect of this market is widespread. Like many hit by this recession its been a long and often bumpy road to recovery. I'm in real estate as you know and the average earnings for those reporting agents dropped nearly 50% as compared with recent years.


How about those in the trades? Its a large trickle down effect with many builders now doing any side jobs that they can as new home sales have nearly dissappeared with some exceptions. When the builder or general contractor is looking for work what about their plumbers, excavators, electricians and more? You got it, all fighting to put food on the table as well.


I will say however that the will of the American people is STRONG and we will bounce back. This country has seen better days and this country has seen worse. While this article that prompted this blog today was uplifting, we need more positive news and more perserverance for the typical american to continue to feel good about this country and our near future. I'm an optimistic glass is always half full type and I'm as hopeful as anyone that we can soon see more jobs, smaller unemployment, a healthy economy and a stronger united country and given time I'm confident we can all bounce back!

Hang in their America better days are coming!