November 23, 2017

Seattle & Bellevue home owners brace for “The Long Haul: the U.S. Economy”

IF AMERICA’S ECONOMIC LANDSCAPE seems suddenly alien and hostile to many citizens, there is good reason: they have never seen anything like it. Nothing in memory has prepared consumers for such turbulent, epochal change, the sort of upheaval that happens once in 50 years. That may explain why so many voter polls, taken as the economy shudders toward the November election, reveal such ragged emotional edges, so much fear and misgiving. Even the economists do not have a name for the present condition, though one has described it as “suspended animation” and “never-never land.”

The outward sign of the change is an economy that stubbornly refuses to recover from the 1990-91 recession. In a normal rebound, Americans would be witnessing a flurry of hiring, new investment and lending, and buoyant growth. But the U.S. economy remains almost comatose a full year and a half after the recession officially ended. Unemployment is still high; real wages are declining. At a TIME economic forum last week, forecasters predicted that U.S. growth would amount to only 1.8% this year and 2.6% for 1993, about half the speed of a normal recovery. The current slump already ranks as the longest period of sustained weakness since the Great Depression.

From Time Magazine, Monday September 28, 1992, By S.C. GWYNNE WASHINGTON;Thomas McCarroll/New York, William McWhirter/Detroit and Richard Woodbury/Houston

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For Seattle and Greater Eastside home owners, many fear that their equity will never return and the market will take decades to return.   The above article describes how many feel facing today’s economic outlook.  Many say we are in the worst times ever.  There is no end in site.  The downturn will take generations to recover.  All resonating from worst case scenarios from the past. 

Let’s keep in mind headlines and media sell news and in every economic downturn the outlook has been dismal, yet everytime we do emerge.  Media has always and will continue to be pessimistic.  Portraying the worst of the worst, doom of all gloom.  BUT truly, with every downturn which is a cycle there is the upside which comes almost unknowingly to most, without even a comment or word from Media. 

“Our outlook is to be part of history where we assisted individuals, families, friends, investors and communities take advantage of the lowest rates in U.S. history, reinvesting into our own economic recovery.”  The Mortgage Reel Team

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