Recession ended in June 2009

WASHINGTON (Reuters) – The recession ended in June 2009, making it the longest downturn since the Great Depression of the 1930s, the National Bureau of Economic Research http://news.yahoo.com/s/nm/20100920/bs_nm/us_usa_economy_nber# said on Monday.

The NBER, considered the arbiter of U.S. recessions, said it chose that month based on examination of data including gross domestic product, employment and personal income.

The group's business cycle dating committee, composed of academic economists, is notorious for taking its time in declaring the start and end of recessions.

http://news.yahoo.com/s/nm/20100920/bs_nm/us_usa_economy_nber

Happy New Year

It's time to close 2008 and open a new chapter for 2009. Today we reflect and celebrate the high points of 2008 and look forward to all the wonderful things 2009 will bring. From our perspective battling with the media was difficult this year as many people focused on the housing market with negativity. We faced each day with our boxing gloves and a positive attitude. We feel there were and still are growing opportunities in the market. We will continue to strive, work hard, and make things happen. Looking into 2009, 3 words come to mind: Strength, Hope, Dedication.

The Canaday Group wishes you a very Happy New Year! Cheers to 2009!

RE/MAX #1 Real Estate Franchise

The 30th annual "2009 Franchise 500" survey by Entrepreneur Magazine has just been released. RE/MAX remains in the #1 position of all real estate franchises (now 9 out of the last 10 years) and also leads in three categories. The Canaday Group is part of RE/MAX Fine Homes. We are delighted to be part of such a strong company. Realogy franchises, Prudential and GMAC are not among the rankings this year. Here are the preliminary results. Check the web site for the details.
http://www.entrepreneur.com/franchise500/index.html

#1 in Category
RE/MAX

All Franchises
44 RE/MAX
71 Keller Williams
179 Realty Executives
243 Assist to Sell
245 Weichert
488 Flat Rate Realty

Global Franchises
38 RE/MAX
61 Keller Williams
140 Realty Executives
168 Assist to Sell

Economic Forecast 2009

I attended Chapman University's Economic Forecast last Tuesday. The presenters covered economic details of the U.S., California, and our favorite, Orange County. Here are some Orange County forecast details:
-Declining home prices is improving affordability in OC & CA
-Buyers with a median family income needed to allocate 34% of income to purchase
a median single family home in OC in the 3rd quarter of 2008
-Forecast for 4th quarter of 2009: 29.7% of median family income needed for a home
-Demand up for 1st time home buyers
-Median housing price in April '07 was $747,000
-Median housing price dropped in Oct. '08 to $490,000
** This is a 34% decrease in the median OC single family resale!**
-4th quarter of 2009: the year-over-year price decline should be only around 3%
-Forecast the median selling price of a single family home to decrease by 7% in 2009 substantially lower than the double-digit depreciation of 21.6% in 2008

So...with median prices near the bottom, jump on the DEALS today!