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We expect interest rates to remain low, which should be good for those homeowners refinancing and for homebuyers during the coming year, as well as any businesses that are looking to refinance or expand. However, deposit rates will also remain low, as banks remain flush with cash and don’t have many good loan opportunities.

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While most economists and Wall Street strategists have given the “all clear” signal for the national economy in 2012, I believe West Michigan companies and investors will have to contend with the challenging seas of a global recession in the first half of 2012.

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“I expect 2012 to be marked by steady, modest economic recovery for the state of Michigan. For the industry, I anticipate continued downward trending of credit losses.

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“Going forward, signs suggest conditions will continue to improve and that we’ll likely avoid a double-dip recession, but U.S. and global growth rates will remain relatively low for some time. U.S. employment seems to have at least stabilized and perhaps started to improve, but slowly.