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Millionaire Now! by Larry NusbaumThis blog is based on the organizational principles found in my new book, "Millionaire Now! - A Financial Toolbox with Seven Steps to Wealth". |
Uofp Sees No Housing-led California Recession
Posted on 12/08/2006 00:00 AM | Link | Post Comment
University of Pacific economists have a new state outlook ...
"The California economy will continue to grow, albeit more slowly, despite the housing cool down and volatile energy prices. Gross State Product will expand at nearly 6.2% in 2006, before decelerating to an average growth rate of 4.8% in 2007-2009."
Plus ...
"The housing soufflé has gone cold, but it still has not collapsed. Housing starts forecasted to fall to their lowest level since 2001 in 2007. Excess inventory will cause developers to delay or reduce plans for new home building, but the decline will be short-lived and starts resume an upward trend in 2008 and 2009."• "Housing prices will continue to decline until the excess inventory can be worked down. Current worst case scenarios for some areas put declines in the range of 10-20%. A bubble bursting? Hardly. If NASDAQ had fallen 10-20% in 2001 from its high point, would we still refer to it as the dot-com bubble?"
Says Chuck Williams, Dean of the Eberhardt School of Business at the University of the Pacific: “The up and down swings in energy prices coupled with a pronounced slowing in the housing sector have created a level of economic uncertainty in California. In the face of this uncertainty, firms are reluctant to hire and consumers are reluctant to spend. Economic growth will slow significantly, but a recession is not in the cards.”
To read more, CLICK HERE
"The California economy will continue to grow, albeit more slowly, despite the housing cool down and volatile energy prices. Gross State Product will expand at nearly 6.2% in 2006, before decelerating to an average growth rate of 4.8% in 2007-2009."
Plus ...
"The housing soufflé has gone cold, but it still has not collapsed. Housing starts forecasted to fall to their lowest level since 2001 in 2007. Excess inventory will cause developers to delay or reduce plans for new home building, but the decline will be short-lived and starts resume an upward trend in 2008 and 2009."• "Housing prices will continue to decline until the excess inventory can be worked down. Current worst case scenarios for some areas put declines in the range of 10-20%. A bubble bursting? Hardly. If NASDAQ had fallen 10-20% in 2001 from its high point, would we still refer to it as the dot-com bubble?"
Says Chuck Williams, Dean of the Eberhardt School of Business at the University of the Pacific: “The up and down swings in energy prices coupled with a pronounced slowing in the housing sector have created a level of economic uncertainty in California. In the face of this uncertainty, firms are reluctant to hire and consumers are reluctant to spend. Economic growth will slow significantly, but a recession is not in the cards.”
To read more, CLICK HERE
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