Is the Recession Over?
Image via Wikipedia
It looks like the recession is over — at least technically. With Quarter 3 GDP numbers being reported today, it looks like the U.S. economy has moved from a period of loss into one of expansion. Economic data today was generally good, reports MarketWatch:
Along with improvements in key monthly figures on output and sales, the rise in real gross domestic product means the Great Recession is likely over in a technical sense, even as further job losses occur. A formal call on the end of the recession isn’t expected for months. …
“I anticipate that this is the turnaround, and that the numbers from here on out will be positive,” said Council of Economic Advisers Chairwoman Christina Romer in a televised interview.
Some are crediting economic stimulus measures for helping with the turnaround. It is important to note, though, that recovery is likely to be slow, and that for many individuals, a personal recession may continue for a while, since this economy is likely to see a “jobless recovery.”
Improving economy and buying a home
It also means that there is less of a chance of a double dip recession, or a return to another housing market dip. If this is the case, than it is quite likely that the housing bottom has already passed. If you have been waiting on buying a home, it might be time to reconsider. It might be a good time to buy, while home prices are still low, mortgage rates are near record lows, and buyers have the upper hand.
In the end, an improving economy is likely to mean that some of the great opportunities and bargains that we are familiar with may not be available for much longer. It is true that the first time home buyer tax credit may be extended, but other than that, it is unlikely that all the great prices being seen right now will last.
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