“There is no change in the previously reported negative outlook for the local economy through the first half of 2009. What is needed to turn the economy around both locally and nationally is stability in the housing market. Falling prices and a jump in foreclosures have hurt both the labor market and the financial markets and institutions. The recent increase in home resales is a positive sign, but a bottom in the housing market in not likely to be reached until the latter part of 2009, and home prices are not expected to increase until 2010 at the earliest.”
-Professor Alan Gin
