We are exposed to a lot of negative news regarding the economy.  This negativity can have an adverse effect on our local real estate market.  The National Association of Realtors offers a podcast series which provides easy to understand analyses of different aspects of the economy.  I just listened to NAR’s Managaing Director of Quantitative Research, Jed Smith, on the definition of a recession.  According to Jed Smith, we are experiencing a slow down in economic growth.  Even an actual recession is not a reason to panic.  A recession, says Smith, is typically short term, lasting only 6-9 months.  According to NAR, we should see a recovery in real estate markets by the 3rd quarter of this year.  This is good news!

Denise