Big business: Economy recovering, but housing’s a drag
Big Enterprise economists said Tuesday that the economy is slowly recovering, but that the housing market could put a damper on growth for one more year.
“What we’ve observed right now is an economy that’s growing, but not growing as quickly as we’d like to it to grow, ” said Martin Regalia, chief economist for the U.S. Chamber of Commerce, which hosted an economic briefing in Washington. “But the good news is: We are growing.”
But the chief economist for actual estate site Zillow.com, Stan Humphries, was far more dour in his outlook, citing continued weakness in the housing marketplace. He says the housing marketplace hasn’t hit bottom yet, and that the slow pace of foreclosures and sales of distressed property will continue by way of this year and into next.
 
 
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