Foreclosures to remain high as economy remains sluggish
By JR Hoeft | Thursday, September 10th, 2009 | PolicyForeclosures, unemployment and the trade deficit remain high, but there are some economists who believe that the economy is showing some signs of improvement.
Economists point to the trade gap as a sign that American consumers are willing to purchase imports. And, they are predicting that unemployment is topping out.
Additionally, foreclosures remain high, despite interest rates being at a three-month-low. The rates are being kept low in hopes that people will purchase or refinance a home.
“We had been thinking that this year would be the peak, but at the rate things . are going right now, it’s appearing more likely that late 2010 might be the peak year before things start to moderate,” said Rick Sharga of RealtyTrac.
A quick recovery is not in the cards, either.
“I don’t expect it to be that 2010 will peak and 2011 will be the wonderful land of Oz,” Sharga added.”
Tags:
Contribute for Conservatism!
Share this post
About the author
Conservative to the core; liberal with his opinion! J.R. has been involved in politics for over a decade and has worked on several campaigns in Hampton Roads. He has served on the Executive Committee of the Republican Party of Chesapeake and the Central Committee of the Republican Party of Virginia. He is also the director of “Blogs United” in Virginia. E-mail J.R.. Follow J.R. on Twitter.
Comments
There are no responses so far.
Leave your response
The comments section is for meaningful discussion. Readers are reminded to post comments that are germane to the article and write in a common language that steers clear of personal attacks and/or vulgarities.
Please take a moment to review our comment policy.