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With housing at its most affordablr in the last35 years, Greiner said inventory currently about nine and a half should subside gradually. The six-montb mark is ideal in a sound economy. But in where foreclosures and home depreciationw continue to batterthe market, a local recover will trail a national rebound, he said. “It will probabl y be a little slower,” Greiner said minutes aftetr concluding his economic forecast atthe Ritz-Carltonn in central Phoenix. Preliminary estimates show themedian Phoenix-areaq home price at $115,000 in May, comparable to levelss in October 1998, according to the -Repeat Sales Index.
Greiner’s assumptions conflict with BBVA quarterly economic report published this week that saidSunbely states, including Arizona, are poised to recovetr from the recession faster than other regione of the country. Despite market gainw through the first three months ofthe year, Greinefr expects a substantial portion will be lost over the next few as the dollar loses its value and corporate profitd remain “flat on their However, he said the country has movef out of the worst bear market since the Grea t Depression, and “there’s room for this market to He said UMB is advisint clients to move money away from the U.S.
dollar and into emerging countries in South America and Similar to the late 1970s andearlyh 80s, the country is mired in a structural characterized by a deep, broad and widespreaxd malaise that causes global In a structural the economy undergoes a fundamental shif as it comes out of it. In the early 80s, the economyu became consumption based. In this the government has taken a much bigger role ineconomicx activity, and likely will become a bigger factord in the Gross Domestic Product. At the end of 2008, governmentf consumption expenditures and gross investment accountedfor 20.2 perceng of GDP. “The governmentf is becoming a bigger part of the economic Greiner said.
More than 100 private banking clients and potential customers attendedthe forecast.
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