The mortgage debacle has had far-reaching effects on the U.S. economy and even global commerce.
Home prices are down. Retailers and real estate agents are seeing sales slump. The stock market is foundering. Construction of new homes has slowed to a crawl, and foreclosures are becoming more frequent.
Indeed, more trouble lies ahead for McHenry County and the rest of the country.
But experts do expect the markets to stabilize, home values to level, and building to resume in the future. The resilience of American businesses and workers has been proved time and again, experts said. So has the cyclical nature of the markets.
A shift is ahead, but predicting when the economy and the housing market will improve is nearly impossible, said Carl Campbell, an assistant economics professor at Northern Illinois University.
“It’s very hard to time the markets. It could be six months. It could be a year and a half,” he said. “The average recession since World War II has lasted 11 months. This could be worse than the average, but the economy does go through periodic recessions, and it always recovers.”