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Archive for 23. September 2007
The Economic Week in Review…….
23. September 2007 by Burbank Real Estate.
Last week was quite eventful as we saw the Fed lower interest rates by 50 basis points to 4.75%! This is the first easing in four years!
They forcefully responded to concerns of economic weakness by lowering both the Discount and the Target rate, which are two key rates. This is huge and many are now looking for the Fed funds rate to reach 4% next year.
Noteworthy are the continued weakness of the dollar and the low consumer confidence levels. Whether the start of rate decreases will be the shot in the arm that real estate needs remains to be seen, at least in the short term. Economic data has been mixed, showing moderate growth overall with no compelling case for impending recession.
Hopefully the predictions of another 6-18 months for a rebound on the housing market are wrong!
More to come on Sunday when I put out the Week Ahead post!!!
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