WA gov touts sturdy state economy, promotes homebuyingDAVID AMMONS
Associated Press Writer
OLYMPIA, Wash. — Gov. Chris Gregoire, urging potential home buyers to put aside their worries about the national economy, said Thursday she's reminded of Franklin Roosevelt's old line that the only thing to fear is fear itself.
Addressing the politically powerful Washington Realtors, the Democratic governor said she sometimes wishes people wouldn't watch the evening news because of all the "doomsday" talk of a home mortgage meltdown and a pending recession.
Gregoire said that in actuality the state economy has seldom been so strong, with record low unemployment, 222,000 new jobs created in the past three years, and national publications praising the business climate here.
She conceded that the national news is having a psychological effect on home buyers, even though there are relatively few mortgage failures here.
"This is a very frustrating time," the governor said, adding "Our economy is strong - buy your home. ... There is no good reason for a slowing of home purchasing in the state of Washington today."
The decision by the Federal Reserve Board to lower the prime interest rate and the possibility of another downtick could revitalize home sales and economic activity here, Gregoire said.
The governor said her economic advisers say virtually every sector of the state economy is doing fine except for new housing starts.
"We need to turn that one indicator around," she said.
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