Atlanta Homes Market Recovery
“A worldwide recovery is materializing, led by the developing economies of East Asia and India,” According to Lockhart The FED RESERVE BANK CEO from Atlanta. “Data released last week indicate that global trade increased at its fastest pace in five years. Foreign demand is expected to add about 1.3 percentage points to the U.S. gross domestic product once the final numbers are calculated.” Global trade is a “surprisingly positive factor” in the U.S. economy, Dennis Lockhart, president and CEO of the Federal Reserve Bank of Atlanta.
Mr. Lockhart did caution, however, that the uptick in global economies may not be a solid as U.S. trading partners cut back on government economic stimulus spending. He spoke to a packed room big crowd, the Fed executive painted a mixed picture of the U.S. economy. “Unquestionably, the economy is improving,” Mr. Lockhart said. “But the vital signs – as captured in macroeconomic data – are mixed. There are pluses and minuses, positives and negatives. It’s not a uniform picture. Optimism is warranted but should be tempered by awareness that this an economy temporarily buttressed by a large number of temporary government support programs.”
The housing market is the key to an economic recovery in Atlanta and nationally. We’ve got to see this respond in order to have any sustained long term economic recover. He noted that housing has been helped by government programs, including a first-time homebuyer’s tax credit, which expires Dec. 1. Mr. Lockhart expressed concern about commercial real estate, saying the downturn in that sector could cause a setback in banking. “I see as uncertain the time required for the housing market to return to health, the potential commercial real estate drag on the financial system, the sustainability of recovery in the absence of government supports and the resurgence of private demand,” he said. “I see all those as uncertain.” There are so many great opportunities to find your dream Atlanta home in this market.
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