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Housing Industry Painting a Mixed Picture
Disturbing reports regarding the first-time buyer program…
In early 2007, after the real estate bubble began bursting and the extent of the problems from sub-prime mortgages became clearer, I predicted the aftermath would have the economy in the worse recession since 1973-74 by the end of the year (2007).
At the time, I also said the problems for the economy began in the housing industry and the recovery would also eventually begin in the housing industry.
Continuing to emphasize the importance of the housing industry, in predicting in February of this year that
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26Oct2009 | Street Smart Report | 0 comments | ContinuedBetter Than Expected Economic Reports Signal the Economy Could Be Ready for a Fed on Pause
The U.S. economy shed 20,000 in April, the Department of Labor announced in its monthly employment summary, bringing total unemployment up to 5% from 5.1% last month.
“We are in a recession, this report doesn’t change that,” [name requested to be removed], an economist at Bank of Tokyo-Mitsubishi UFJ Ltd. in New York, told Bloomberg News. [name requested to be removed] had forecast a payrolls cut of 25,000. “What it does is support the idea that the downturn will be mild. Consumer spending isn’t going to tank.”
Compared to the 240,000 jobs the domestic labor market shed in the first…
5May2008 | Money Morning | Comments Off | Continued
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