Well, it’s official: The Great Recession started in 2007 and ended in 2009, but over a year later Americans, not to mention much of the world, are still trying to recover from its profound effects. Curiously, retail receipts for the most recent holiday shopping season seem to be the most robust in all of three years, even as the housing market keeps tumbling in value. Now since home prices and retail sales are highly esteemed indicators to economists, the contradictory picture being painted here speak to a weak recovery at best.
Despite the record profits, there is a hiring freeze throughout Corporate America. Credit is tight despite extremely low interest rates. Of course, who gives out hundreds of dollars right now – or, even, take it on – with all the uncertainty? It’s quite a conundrum, and no one wants to be the first to try to break it.
Only twenty-one thousand homes were sold nationwide this past November, a record low for just one month. Savvy shoppers, however, can take advantage of these conditions, which have lead to low prices throughout the entire real estate market, even for properties in New York City.
It’s a singular situation that even professionals such as real estate developer Isaac Toussie have not seen before, with prices continuing to decline!
The situation is much, much worse in cities such as Cleveland, Minneapolis, and even Dallas, darlings of the 1990s.
Whatever the case wherever it may be, an improvement will depend on one thing: jobs. Yet with no strong sustained positives in real estate – which account for new purchases of durable goods – what chance will there be for the outlook on jobs?
It’s a vicious chicken-or-egg cycle.
That’s why many observers believe the government must step in much more vigorously, with much more money, spent with much more care.
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