Real Estate Outlook: Recession is Over - The chairman of the Federal Reserve Board said it publicly - it looks like the recession is over. However, there was a big footnote in Bernanke's speech on the economy last week: Don't look for a dramatic recovery. The economy is expected to inch toward expansion. There was a 2.7% jump in retail sales posted for the month of August, according to the Commerce Department. That's an important indicator because the key to pumping up the economy again is to get consumers spending. Consumers are seeing home values stabilizing or growing in most areas, so their equity is beginning to increase again. While unemployment has been a drag on the housing market, the vast majority of Americans who do have jobs have seen their real wages rise this year - 5%. That's the largest annual gain in fifty years.
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