Economic Recession and Cheaper Webhosting

Cheaper webhosting is available these days, at least here this is the case even if we are in the verge of suffering from the global economic crisis. There are webhosting services that range from a $3.50 USD today for a webhosting. Knowing that this is a one month charge for the website owner, this is already very cheap comparing it in the previous years where the cheapest I have seen is about $9.00.