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Daily Real Estate News | August 27, 2009 | Dallas Fed Chief Says Worst is Over
The recession is over and the economy is no longer in freefall, says Richard W. Fisher, president and chief executive of the Federal Reserve Bank of Dallas.

Fisher says the worst is certainly over for the residential housing market. "The way the math works, I call it the Johnny Mercer effect," he says, referring to the singer- songwriter who wrote the lyric: “Accentuate the positive, eliminate the negative. …"

“When you start to eliminate the negative, you get a little positive momentum."

Meanwhile, Richmond Federal Reserve President Jeffrey Lacker offered similar sentiments, saying that the housing market had begun to improve five months ago and was no longer a drag on economic growth.

Source: The Dallas Morning News, Brendan Case (08/26/2009); Danville Register & Bee (08/26/2009)