U.S. REAL ESTATE SLUMP TO CONTINUE
The peak of the housing market was in 2005 and the subprime mortgage crisis erupted in 2008. Shouldn't things be getting better by now? How many years is this real estate crash going to go on for? Home builders and those that work in the construction industry are deeply suffering because new home sales continue to hover around record lows. Mortgage professionals are having a really hard time because very few people are seeking home loans and many of those that are seeking loans cannot get approved.
Real estate agents all over the country are pulling their hair out in frustration and large numbers of them have left the industry completely. The United States has never had such a prolonged real estate slump in the post-World War 2 era. Unfortunately, there are a whole lot of indications that the real estate crash is going to get even worse.
The rapidly rising price of oil, the horrific crisis in Japan and instability in the Middle East all threaten to plunge the world into another major economic downturn. That is really bad news for the real estate industry. Already there are not nearly enough jobs for everyone in the United States and without good jobs American workers simply cannot buy homes.
In addition, many of those that would like to buy homes are finding that they cannot get approved for home loans. Before the real estate crash, lending standards were incredibly loose, but now the pendulum has swung very far in the other direction.
Read more: http://www.businessinsider.com/us-real-estate-crisis-facts-2011-3#ixzz1JWUR3Wr2
it is very sad what is still happening in the U.S. I believe that we are very fortunate to live in B.C.
Posted by Kathryn Grant
on April 14, 2011