Will the economy crash and we go into recession???

With the economy in turmoil and federal officials debating possible rescue plans, and the housing sector continues to languish... Housing sales and prices are down and foreclosures are up in Will, Grundy and Kendall counties. August home sales and median price data released Wednesday by the Realtors association shows that area housing sales and prices were continuing to decline..

• Will county: August home sales fell 28.1 percent from July and 29.6 percent when compared to August 2008. The median home price fell 4.3 percent from $232,000 in August 2007 to $222,000 last month.


• Grundy county: August home sales fell 17.3 percent from July and 4.4 percent from a year earlier. The median home price fell 22.3 percent from $206,000 in August 2007 to $160,000 last month.


• Kendall county: August home sales fell 20 percent from July and 27.9 percent from a year earlier. The median home price fell 5.2 percent from $234,000 in August 2007 to $221,929 last month.

Statewide, August total home sales were down 4.6 percent in August 2008 compared to July 2008 sales. And they were down 27.2 percent from August 2007 totals of 14,562. Illinois median price in August was $195,000, down 7.1 percent from $210,000 in August 2007...

Our economy is collapsing and the only thing that the government can think of to do is buy all the houses that people have lost.... Now you tell me, how is that supposed to make the economy turn around???

Its not helping those who were making the house payments, its only going to help the banks that funded the house....