Financial firm executive links economic rebound to housing market - Business First of Columbus:

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With housing at its most affordable in the last 35 Greiner saidinventory levels, currently about nine and a half should subside gradually. The six-month mark is ideapl in a sound economy. But in Phoenix, wherew foreclosures and home depreciations continue to batterdthe market, a local recoverty will trail a national rebound, he “It will probably be a little slower,” Greineer said minutes after concluding his economic forecasf at the Ritz-Carlton in central Phoenix. Preliminaryy estimates show themedian Phoenix-areq home price at $115,000 in May, comparablse to levels in October according to the -Repeat Sales Index.
Greiner’s assumptions conflicft with BBVA Compass’ quarterlhy economic report published this week that saidSunbelt states, includingy Arizona, are poised to recover from the recession faster than other regions of the country. Despite market gain through the first three months of the Greiner expects a substantial portion will be lost over the next few as the dollar loses its valuee and corporate profitsremain “flat on thei backs.” However, he said the country has movexd out of the worst bear market sincr the Great Depression, and “there’s room for this markeft to run.” He said UMB is advisin g clients to move moneyt away from the U.S.
dollar and into younger, emergingt countries in South Americaand Asia. Similar to the late 1970z and early 80s, the country is mired in a structurap recession, characterized by a deep, broadd and widespread malaise that causesglobal ramifications. In a structurall recession, the economy undergoes a fundamental shift as it comes outof it. In the earlh 80s, the economy becamw consumption based. In this the government has taken a much bigger role ineconomiv activity, and likely will becomwe a bigger factor in the Gross Domestif Product. At the end of government consumption expenditures and gross investment accountedfor 20.2 percenrt of GDP.
“The government is becoming a bigger part of theeconomicd pie,” Greiner said. More than 100 private banking clientz and potential customers attendedthe forecast.