Slow and Uneven Market Recovery Forecast

According to the Bureau of Labor Statistics, around 8,000,000 jobs have been lost in the past few years causing our economy to be at its worst since the Great Depression. According to Ken Rosen, chair of the Fisher Center for Real Estate and Urban Economics at the University of California at Berkeley, only 1,000,000 new jobs have be introduced and it will be a slow and uneven economic recovery. Boston, New York, Washington DC, Seattle, San Francisco, Los Angeles, San Diego and the Silicon Valley are some of the areas already showing signs of improvement. However, the Central Valley in California continues to remain unstable. The National Association of Realtors latest real estate and economic forecast, predicts the sales of existing homes, will rise 7.9% this year, to 5.3 million, and another 4.5% in 2012, to 5.53 million.