Some say yes, others not yet. 

What I can tell you is the decline is for sure slowing and Santa Clara county real estate sales are doing very well in most areas.  There are many factors to the state of the economy right now, the banks and how they are recovering, real estate sales, and unemployment to mention just some of the factors at play.

Federal Reserve Chairman Ben Bernanke updated Congress this week and according to Inman News, Bernanke said the housing market is beginning to stabilize and the recession looks to be on track to end in late 2009.  Bernanke mentioned it is key that the banks improve during this time or all the headway we have made so far will be lost.

Carole Rodoni, a recognized bay area industry expert on the economy, breaks down what the government is doing and the pluses and minuses to the economy today, read her May report for more information and opinions.

What do you think is the state of the economy?