Looking back at 2009…
The Real Story …
News and commentary about the real estate market and related topics.
Dave Parrish, ABR ®, CRSA, CSP, GRI, ePRO ®, REALTOR ®, RealtySouth
Looking back at 2009…
The trash man hasn’t made it by to pick-up the debris left from Christmas yet and 2009 is not yet officially in the history books, even so I feel compelled to review briefly what we’ve been through this year before looking ahead to 2010. My reflections while not without regard to the general economy are of course focused through the lens of real estate.
For the most part regardless of political party affiliation or leanings, I believe most of us were looking forward to 2009 as a year of change… for relief from the banking crisis of September and October 2008 that resulted in the now infamous TARP program, positive employment news, a rebounding of the real estate market, and a sense of renewed hope in the future of the American economy.
Largely a year of waiting… Change has been slow to come… at times almost imperceptible, reminding me of my grammar school science studies of inertia. In the news the last few weeks we have heard that many of the troubled financial institutions that received TARP funds have paid them back. This combined with improved GDP numbers have contributed to recent improvements in the US Dollar Exchange Rate.
The Value of the US Dollar declined to other currencies steadily over the course of the year, but began a recovery in December
GDP has shown a significant recovery from the precipitous fall in 2008 Q4 with 2009 Q3 showing respectable growth.
While unemployment is still at unacceptable high levels and fear of further job losses remains with many, the last three job reports have shown improvement … a needed change of direction.
More closely related to the Real Estate Market are long term mortgage interest rates as represented by FannieMae and FreddieMac rates which remain at near 40 year historic lows. As the general economy improves these rates are predicted to rise.
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