Bottom Watching

Posted on August 8th, 2009 in All Articles.

The month of July might be called the bottom of the real estate market… Or then again it might not. But for those of you into the “sport” of calling bottom or trying to grab the best possible deal keep your eye on the jobs. With interest rates low, prices low, buyers sitting the fence the deals are there, strewn about the n’hoods of the city. But this time next year will they be?

Excerpts from the New York Times aug 8 on jobs:
Responding to a report that was better than expected, stock investors drove up the Dow Jones industrial average by 114 points, or 1.2 percent.

Just a week earlier, the government announced another significant improvement — the overall economy contracted at an annual rate of only 1 percent in the spring quarter, vastly better than the fall and winter months. The two reports have convinced many forecasters that when the history of the Great Recession is written, these summer months will be the big turning point, when the economy started to grow again.

But never in the 61 years of recordkeeping has one-third of the unemployed, currently 14.5 million people, been out of work for 27 weeks or more.