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Owning a home is still a dream of the average family. Unfortunately this goal is dampened by the uncertainty of unemployment in the current market. People holding jobs are not sure how long they will have jobs and lenders are not eager to take a chance on such an uncertain economy. Industry is suffering - although analysts say the economy is improving. The headlines tell us businesses are down sizing and food prices are rising. Some people are remodeling homes instead of buying as if they are getting settled in for a bad ride. Is that the case? Will more businesses go bust or will people go back to work full force giving the economy a shot in the arm? Are we in for a housing market recovery or is this a longer term problem?
Fighting to Stay Afloat
Foreclosures are still heavy and economies around the world are in trouble. The price of gold is rising while people desperately try to hedge against inflation. People are fearful of debt and seeking ways out of debt rather than getting in. Housing prices are low, interest rates are low but the qualifications for these loans are more stringent than in years past. While this is good for the overall health of the housing market recovery, it leaves a lot of people in a difficult position. Many people have credit damage through credit card penalties or defaults. These things are fixable but with tight credit requirements, this leaves a large group of the spending population ineligible in today’s real estate market.
Political elections carry heavy weight in the overall financial market and determine the ability of people to work and play; and in the real estate market to pay. Unanswered questions on the housing market recovery include the political arena. Will housing defaults continue? The best thing in the housing industry is that once people see a clear future they will buy homes. Families need a place to live and establish a way of life for their children. The housing market recovery is merely stalled but not over.
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