Housing Crisis Repressed by Languishing Economy

While the entire nation waits expectantly for the housing market to recover from its devastating downturn, the economy seems less than cooperative in doing its part to help the struggling market regain some balance.
One of the main causes of the poorly functioning economy is the high rate of unemployment found clear across the nation in a variety of different jobs and careers. Reports vary on the sheer numbers of unemployed people across the nation; some people who have not had employment for a long period of time no longer show up in the percentage of unemployed because they have given up trying to find a job while others have taken on jobs which they are completely over qualified for just to attempt to keep their families fed. Even so, it is estimated that there are over 14.7 million people out of work; over 7 million of these have been unemployed for at least six months.
A large percentage of construction workers and contractors help to make up the unemployed. In 2009, only around half a million homes were built across the nation, a quarter of what had been built in 2005. While construction had been a booming industry earlier in the decade, a large number of the workers that it took to construct all of the myriad homes that were bought up in the early 2000s have no work at all now and have joined the struggling masses of unemployed. These un- and under-employed workers are for the most part all struggling to make ends meet and pay their mortgages.
Over the last two years, 59 million homes have lost value to varying degrees and about 25% of home owners have under water loans on their properties. How To Sell Property Fast In India To date, almost 6 million homes have been foreclosed on in the last 3 years with more foreclosures poised to happen later this year.
Hopefully, in the months to come, we will see a strengthening of the national economy that will stimulate more jobs opening up so that American home owners can again afford to pay their mortgages and encourage consumer confidence. Unfortunately, with all of the aspects of economic recovery being so closely tied together, it’s hard Building A Custom Home Cost to have any one aspect of the web by itself support the recovery of the others without itself being supported. The Federal government, with its stimulus dollars has been striving to support recovery by propping up the economy in various ways, but until other areas see some regrowth there will not likely be any great steps forward.

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