Well, I sure did.
The National Bureau of Economic Research actually announced today, September 20, 2010, that the Great Recession ended in June 2009.
It appears that most of the U.S. population did not receive the memo last year.
As a Realtor, I am constantly reading information that relates to my business and my clients' real estate needs. But, today's revelation ranks among the most useless pieces of information I have ever read. My reality is as follows:
I am located in Northeast OH. We have double digit unemployment.
Banks are still finding more reasons not to make mortgage loans than to make mortgage loans.
We have an inventory of REO properties (Bank owned homes) that exceeds a year and more are in the foreclosure pipeline.
Banks are taking multiple months to approve or disapprove Short Sales (Sellers who owe more on their mortgages than their homes' market values who find Buyers to buy the Sellers' homes at or near the current market values).
I could go on....
I am looking for the National Bureau of Economic Research to tell us when the average American is going to know the Great Recession is over.
Steve & Pat Pribisko