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The U.S. sub-prime housing market crash is rolling into its third year seemingly unabated, and several prominent economists have gone on record to say that the U.S. economy is already in recession. But in the midst of all that doom and gloom, The World Economic Forum has put America in no1 spot for the fifth year running in its annual economic competitiveness chart.

Economic competitiveness is the holy grail of anyone involved in financial or big business circles, to quote Forbes' Jack Gage: "Businesses want it, politicians promise to increase it, and governments sign trade deals to get it".

This is the good news that the American Republican party has been hoping for in the run up to the Presidential election, and with voter concerns having recently swayed from the Iraq war to the failing economy in a very rapid and big way.

The WEF rankings are based on the following factors: institutions, infrastructure, macroeconomy, health and primary education, higher education and training, goods-market efficiency, financial-market sophistication, technological readiness, market size, business sophistication, and innovation.

The U.S. stayed in first place even as Britain dropped from 2nd to ninth, in part because only 6% of its workforce is susceptible to the "ongoing purge in the financial sector"; the possibility of adding a fraction of 6% unemployment means American's in employment should be well placed to keep the American economy afloat.

That is also good news for those awaiting the recovery of the sub-prime American housing market --widely believed to begin this year --, including UK based overseas property agent DSR. Liam Bailey, head of international research for the property investment specialist said:

"With only 6% of the American workforce is employed in the risky financial sector, and it being absolutely impossible that all of those people will lose their jobs, then the fraction of additional unemployment still leaves plenty of people to buy houses, which is good news for us having just taken on another Los Angeles condominium development."

Liam was referring to the Downtown Los Angeles Designer Boutique Lofts, ideally placed between the new Broadway and its host of new theatres restaurants and bars, and the fashion district, the L.A. hub of all things fashion and design. This is an exciting property, in an exciting area and at an exciting price, with apartments available from as little as £180,000.

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