Real Estate Outlook: Jobs Key to Recovery

Having a job is a luxary in today's economy. Their rebound is a huge factor in recovering the housing market. President Obama's proposed jobs legislation includes $15 billion dollars that would go toward fixing up and selling foreclosed homes. These homes would be sold at no profit, or at the price it cost to refurbish them.

The unemployment rate remains at 9.1% and even though jobs have been growing, they're not growing fast enough to establish a true recovery. Fewer jobs means less construction, less projects completed, and less money trading hands. The U.S. Commerce Department states that some months are worse than others concerning foreclosed homes. While most declines in housing were seen on the multi-family houses, some months have seen as much as 5%. Builders are hesitant to build houses due to lack of buyers,  possible foreclosures. This being the case builders confidence has declinded, but has risen slightly over the past few months, but still at a depressed level.

Many consumers are still unable or unwilling to move forward with the process of buying a house. Some places around the country are growing, but we need to get the whole country on board to grow, which means we need everyone to have jobs.

The only place where builders are still comfortable is the midwest. Builders have continued to confront the same challenges in accessing construction credit, obtaining accurate appraisal values for new homes, and competing against foreclosed properties that they have seen for awhile. What didn't help builder and consumer confidence was the market disruption caused by S&P downgrade and congressional gridlock on the budget deficit.

In order to get this great country back on it's feet, we need our Americans to get off their butts and get job. This is just a small step towards recovery, but it gets businesses moving again and puts money in peoples hands which usually goes right back into the economy. Help your country, help yourself, and help your neighbor by getting a job.

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