Fed Officials: The Worst is Over
The worst of the economic crisis is over,according to U.S. officials speaking at a financial conference Friday at Vanderbilt University.
Frank Nothaft, the chief economist for Freddie Mac, said housing sales have just about hit bottom and a third of home sales are now foreclosed properties.
Dennis Lockhart, president of the Federal Reserve Bank of Atlanta, warned that the declining commercial real estate market still poses a risk to the economy.
It would seem however, that though the housing market may recover , the lack of liquidity may still pose a problem for home buyers.
"It is worth emphasizing (that) actions that lead investors to shun taking risk, especially in this
environment, are ultimately detrimental to the ability of households and businesses to secure credit at reasonable borrowing rates," Dudley said.
So that still leaves the average buyer with the need to act, the desire to act, and benefits that accrue to the action.. if they can get a loan to buy the house.