Originally Posted by dhinderliter
interesting fact for you: the longest recession/depression was only 23 months and it WASN"T the great depression...i don't remember the years...i think maybe before a world war?? its hard to pinpoint when this recession started but if we are conservative and say NOW then we should be coming back up in 2 yrs or less.
I'm going to need a source for that statement, because everything I'm reading states that the longest recession in U.S. history is the great depression, and the next longest lasted 16 months....
A recession is defined as: a decline in a country's real gross domestic product (GDP), or negative real economic growth
, for two or more successive quarters of a year.
I don't think we've hit that at this point, so the recession hasn't started...unless it's happening THIS quarter, and we've got a few more months to find out if it's happened. We still had growth, albeit very little in Q4 2007. Depending on what happens Q's 1 & 2, we could be heading into a recession, but, like I said...we don't know if that's happened yet.
|as for wanting to buy i would say watch it like a hawk...as SOOn as it looks like it will turn up (not false starts) you get your but in there and buy, whether your credit ready (or wahtever needs to be prepared) or not. we bought our house 5ish months ago so although it was a downturned market its certainly not the lowest it will go but we needed to buy. it was buy our own house or move to another house on base and then when we WANTED to buy we would have to pay to move ourselves.
Sure. We'll just buy a house with no
money on the advice of a stranger. That's a great plan. Yeah, I can't see how that could POSSIBLY turn out badly. I mean, everyone else did that the last few years, and it's worked out so well for them!