TEAM PRIBISKO BLOG: The Great Recession Ended in June 2009 — Did You Miss It?

The Great Recession Ended in June 2009 — Did You Miss It?

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




Comment balloon 4 commentsPat & Steve Pribisko • September 20 2010 10:02PM


The "recession" was an economic measurement whish definitely did not include residential real estate sales in Atlanta.

Posted by Sally English, Sally English Atlanta Real Estate Agent (The English Team) about 10 years ago

I meet homeowners on average twice a month who are in need of financial assistance ( cash for keys) in order to relocate. this must mean that it will drip to once per month.

Posted by David Spencer, Show Me real estate in Kansas City (Keller Williams Northland) about 10 years ago

I didn't get the memo either.  Our unemployment is near 15%, rental market is in decline because so many investors purchased.  It's kind of scary out there right now.  Maybe not in all parts of the US but mine definitely.

Posted by Renée Donohue~Home Photography, Western Michigan Real Estate Photographer (Savvy Home Pix) almost 10 years ago

The housing market took off in Denver somewhere mid 2011, when the inventory started shrinking by 50%, and has not stopped since.

Posted by Joan Cox, Denver Real Estate - Selling One Home at a Time (House to Home, Inc. - Denver Real Estate - 720-231-6373) almost 8 years ago