‘We Can Only Hope That It Gets Better’

The Herald-Mail:

The news from the latest national survey of business lenders looks great.

“Is the recession truly over?” begins the press release from the National Association of Credit Management. “Most of the evidence says ‘yes’ …”

Not yet in Washington County, however.

“I’m reading the national reports as well,” said Tim Henry, president and chief executive officer of Centra Bank in Washington County. “But I also know that foreclosures are continuing at a high rate on a month-to-month basis. The Cash for Clunkers (program) appears, at least locally, to have been a shot in the arm, but now that it’s over, you have not seen car sales continue at any kind of brisk pace.”

And, he said, for “appraised values, we are not seeing any increase in home or commercial properties. They are still well off their highs of ’06 and ’07.”

“I can’t say we’re seeing any strong — or even weak — signs of recovery in our area at this moment,” he said. Full post.

Photo: Yvette May.