Wednesday, February 4, 2009

Forbes Says "Recovery Soon"

Forbes.com published an online article yesterday saying there are early signs that the economic recovery is coming, and it's coming soon.


Their evidence? Commodity prices and transportation price indices are rebounding from recent gutter-level lows. These include oil, copper, nickel and aluminum, and the Baltic Freight Index. They also argue that this year's awful winter weather throughout most of the US is artificially suppressing demand for retail items and even for houses: "It's hard to start [looking at] houses, or even go shopping, when the temperatures are in single digits and the snow is not being removed from anything other than main roads."


Says Forbes: "Some early warning signals suggest that despite real GDP weakness, an economic recovery should start taking hold by mid-year."


That's the sunniest economic forecast I've seen in many a month. And coming from supply-side freemarketers no less!


Well, what's going on in metro Phoenix's economy and housing markets? Check out my Sunday Stats from this week which includes historical housing sales data going back to 2000, and a breakdown by ZIP code. See Chris Butterworth's post spotlighting MSNBC's reporting that says Phoenix is one of the metro regions where housing is on the mend. Another upside is that while the housing news seems to be 100% gloom all the time, housing prices are falling, making homes easier to purchase.