Survey of Economists Sees Slow Recovery

New York, NY, April 12, 2010--A survey of economists by the Associated Press released Monday describes an economic recovery that will move slowly this year and next.

The new AP survey, which will be conducted quarterly, compiles forecasts of leading private, corporate and academic economists on a range of indicators, including employment, home prices and inflation.

The survey indicates that the unemployment rate will stay stubbornly high the next two years, that home prices will remain almost flat for the next two years, and that the economy will grow 3 percent this year, which is less than usual during the early phase of a recovery and the reason unemployment will stay high.

Economists believe that existing home sales will total 5.4 million this year and to 5.9 million in 2011 largely due to another anticipated wave of foreclosures. They say it may take until at least the middle of the decade for home values to begin rising normally again.