The slumping U.S. economy is reminiscent of the aftermath of the 1991 recession, according to the head of the Minneapolis Federal Reserve.
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Daily Times, Pakistan
In addition to the downturn in real estate, a broader bubble in consumer credit is now collapsing: as the US economy slips into recession, …
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Former Federal Reserve Chairman Alan Greenspan said Thursday there’s at least a 50% chance the United States will slip into recession, and that the storm clouds over the economy won’t clear until home prices bottom out.
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Fortune: How bad do you think the economy will get?

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Federal Reserve Chairman Ben Bernanke and Treasury Secretary Hank Paulson both acknowledged problems in the U.S. economy on Thursday, but both said they believe the nation will avoid falling into recession.

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Source: New York Newsday
While the direction of the economy may lack clarity, the housing market, locally and nationally, is in decline. According to some experts’ predictions, home prices may continue to fall for another two years.
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Housing construction fell in November, with single-family activity dropping to the lowest level in more than 16 years. Analysts said the recession in housing showed no signs of a turnaround.

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