Take a poll on how long recession will last
Even if you have taken the mini poll on the right margin before, it is appropriate to take it again as much has changed in the past 2-3 weeks. So please take the Poll and let's see when people believe the recession will be over. Thanks so much.
Labels: length of recession, mini poll, recession, when will it end
posted by Charles Amico at 8:19 PM
4 Comments:
Depression, absolutely. As wikipedia says: "In economics, a depression is a sustained, long downturn in one or more economies. It is more severe than a recession, which is seen as a normal downturn in the business cycle." (http://en.wikipedia.org/wiki/Economic_depression)
I think this is what is awaiting us.
Julie
I hear ya Julie. How is the housing market in Toronto right now and the economy there? Are there increased foreclosures there compared to past years? What else can you tell us here in America?
What can I tell you...We have been through very successful year, but last months are like cold shower. Sales in December and January were 40-50% lower (compared to previous year), prices dropped by 5-15%
Fortunately, there is no big inflow of new listings (there was -12%), so market is slower, but not collapsing. Foreclosures may be a bit up, but I don't consider this a serious problem for now, Canada has different structure of mortgages than you, subprime level is much smaller...
Ontario is generally very industrial (maybe you heard US car makers have factories here too), on the other hand we are happy to have healthy financial institutions, so we can expect some problems, but till now there's no need for panic.
Best wishes!
Julie
Thanks Julie. This is helpful for many who are not knowledgable about Canada's economy and whether you have been affected by our problems. I know much about Canada as I have had clients there and my parents live in the Buffalo area. I use to live in Burlington, Vermont and would travel to Montreal a lot as we were only a little more than an hour away. Thanks for the comment and be sure to stop back. If you haven't taken my mini poll be sure to and come back over time to vote each month as I am tracking responses ad feelings over time.
Best,
Charles
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