Not too much in the way of a rosy picture painted in this article, but we thank our source for the link nonetheless.
Some highlights:
-Residential drag diminishes by 2H08, but commercial joins the slowdown
-Weaker profit and tighter business credit slow business spending
-Stagflationary Feel
-Misery Index
Oh, just read the report: Wells Fargo Analysis of Money and Markets
i think a recession will have far reaching implications for the real estate market than the squirrelly loans unwinding
As with al real estate, the local economy maters a lot. The Inland Empire is decimated, but the west side of LA, not so much. San Francisco is moving along, but Contra Costa County is tanking. The general snapshot provided probably has a lot more relevance for the tax revenues for the state and the relative competitiveness of the state than it would for a particular property, neighborhood or city. But if this data thins the heard of armchair real estate “experts” then great.
speaking of which, check out this article about how many realtors are quitting the business. doubt many of them will be missed:
http://www.csmonitor.com/2008/0109/p01s02-usec.html?page=1