Every year John Mitchell (the head economist for U.S.Bank) gives a talk to us Realtors, in Portland OR. He talks first about the world economy, then the U.S.A. and ends up with Oregon's economy ....he usually is right on. He perdicted housing prices peeking the third quarter of "06" he this came to pass. The title of his talk this year was "Still Sliding Towards the Trough."
This last Friday November 16, 2007 he spoke again. I couldn't wait to here what he had to say.
Over all, the economy is in pretty good shape. Areas of concern.
1. Housing Contraction (He says the slide will hopfully end sometime in 2009) the best place to buy Utah 15.28% up. Neveda worst state with 1.45% down.
2. Oil Shock (almost record price) will effect prices of "everything."
3. Credit Tightening...
4.Food Price Developments
Bottom line we have only a 1 in 3 chance of a Recession.
What do you think?