TD Bank economist sees improvement

Joel Naroff, chief economist for TD Bank, said in a speech in Fort Lauderdale that the economy will eventually improve, and that there are already some signs of an upswing. Even a 10 percent unemployment rate would mean spending habits for the other 90 percent would eventually come off the bottom and economic activity would increase, he said. While the housing market, especially in Florida, remains a problem, getting Fannie Mae and Freddie Mac to securitize loans is good, and the fact that some foreclosed homes are actually being sold is a positive, he said.