NAR (Former) Economist Shares Mixed Views

#1 I need to correct a prior post on Colorado Springs cost of living items. Gas has dropped to $1.92 at the nearby local gas stations. I actually saw one station drop their prices 3 times in 24 hours this week!

#2 Yesterday we had an extended briefing from John Tuccillo, former chief economist for the National Association of Realtors yesterday. He had a couple of uplifting items, and some not so much
a. He indicates we are in a “garden variety” recession, not any sort of “depression”, and expects the country will be completely out of it in 2010, with some pockets recovering sooner. He expected national unemployment to top out at 8%.
b. Because of all the bail out expenses, new government programs, etc, he expects interest rates to get all the way to 8% as well (we are currently at 6%, and it may trickle even a little lower in brief pockets). For that reason, he indicated anyone who can, should be looking at buying sooner as opposed to later.
c. He believes that the FHA loan limits that are currently scheduled to expire at 12/31/08 will be extended, and that the first time home buyer tax credit may be extended and expanded as well, in the lame duck session of congress.
d. He expects an expansion of households (and by extension, homes sales) to emerge once the economy gets back on track, and home sales will come “roaring back”.
It was a productive session, and I was once again reminded what a great brokerage RE/MAX Properties is to be able to have such a high caliber speaker for our monthly sales meeting!
Today’s photo was taken in the fall several years ago at Patty Jewett Golf course, in downtown Colorado Springs. The foxes have always been pretty bold and plentiful there, feeding on unsuspecting geese that frequent the water hazards, and handouts from golfers.
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