Denver Real Estate Stats

The National Association of Business Economists(NABE) declared on Monday that “The great recession is over”. With growth expected next year, the association said the three-year slump in the housing market seems to be nearling an end.

NABE’s declaration relies on a survey of professional forecasters cautioning that the recovery will take place at a slow pace as we experience increases in federal debt and unemployment rates.

NABE President-Elect Lynn Reaser noted in a statement, “Following a sharp 6.4 percent (annual rate) contraction in the first quarter of this year and another 0.7 percent drop in the second quarter, NABE forecasters expect real GDP to rise at an above trend 2.9 percent rate in the second half”.

With the unemployment rate forecast on track to rise to 10% during 1Q10, by the end of the year the rate is expected to slip to 9.5%.

“The good news is that this deep and long recession appears to be over and, with improving credit markets, the U.S. economy can return to solid growth next year without worry about rising inflation,” Reaser noted.

For more information visit today’s Denver Business Journals news release.