Healing Housing Market Needs More Time to Recover
Some financial analysts believe the battered housing market needs, yet, another three years to fully recover. While reports from the media tell us “things are getting better,” there are some lingering and hurtful factors which are affecting the housing market’s recovery process.
For starters, unemployment is still high (9.7%) and with no job or source of income, who would be able to buy a home? Where’s the incentive? Most folks are opting to move in with friends or family as the number of persons occupying single family homes are steadily rising.
Another factor slowing the market’s recovery is foreclosure. Recent data from RealtyTrac, Inc. indicates home foreclosures may reach an all-time high in 2010; as over 1 million properties and homes will be, or have already been, seized by banks. Joblessness and foreclosure walk hand in hand as millions of Americans, in fighting to avoid both evils, take heed in … Read More