Economists’ forecast is dismal for 2008

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Economists have some dismal predictions for 2008: $4-a-gallon gas, a drop in housing prices and weak job growth.

They say single-family home values will have dropped by 6 percent statewide and 7 percent in Burlington in the two-year period ending in July when the housing market is expected to start to rebound.

But Vermont so far has fared better in the housing downturn than other parts of the country.

Nationally housing values are expected to drop 13 percent by the first six months of 2009.

But if oil prices remain at $100 a barrel, gas prices could rise to $4 a gallon.

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