Without a healthy (at least stable), real estate market, economic uncertainty will prevail. The latest statistics show that for every home sold - Two more go into foreclosure. The only thing that can save this market is JOBS! Period!!!
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Why Is Economy Faltering? Conference Board's Goldstein Explains the Drivers
The four factors most responsible for dragging down economic performance last month was a rise in new jobless claims; a decline in average weekly hours; slower delivery of manufacturing supplies; and a decline in building permits for new private housing units.
On May 17 the Commerce Department reported that construction of new homes and apartments fell 10.6% in April to an annualized rate of 523,000, down nearly 24% from the same time last year.
“Housing is the last leg over the fence as far as the economy is concerned,” he said.
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