The Wall Street Journal is reporting a sluggish start to selling season, typically kicked off by Super Bowl Sunday. Given the volatile international headlines this week, this news hardly comes as a surprise. From revolutionary tremors spreading throughout the Middle East to the actual tremors of Christchurch, New Zealand’s 6.3-magnitude earthquake, the global outlook seems bleak at best.
Here on the home front, rising gas prices fuel unemployment as every 2.5 cent increase in gas prices translate into 25,000 more Americans out of work. To make matters worse, the housing crash may have been even worse than initial estimates have shown.
Economists are discounting the possibility that recent buying momentum will propel GDP growth to the necessary 5-plus percent necessary to sustain job growth. Latest figures are predicting unemployment to stubbornly remain above 9% nationwide until well into 2012 as well as a continued surplus in housing inventory.
Are we seeing the beginning of a double dip recession? Join Oppenheim Law and Weston Title on March 9 to discuss the latest headlines and economic predictions as we navigate month three of the year of the short sale.