The Effect of the Real Estate Market News on the Masses
In recent times, there has been a slight flutter of activities observed in the real estate sector. The slowing down of foreclosures has paved way for improved home prices and a surge of life within the almost lifeless state of construction of new properties. When that happened it seemed as if the housing market was finally seeing a ray of hope amidst the darkened clouds of a troubled economy.
When things were as tough as they were during that time, people must keep in mind the positives that come with such times. Like, for example, the definite boost in jobs in the field of construction! That spells optimism for the construction laborers, the civil engineers, the architects, the landscape designers, the persons working in the clerical cadre in the offices, the accountants, the builders, the engineers, the promoters, the real estate agents, the furniture sector, the plumbers, etc. Who could have imagined the estimated number of people that will be employed as a result of the improved housing market.
The home owners have been depressed a lot as far as past decisions taken by the reigning government have been concerned. Most of them have been very much disappointed with the way the Federal Reserve has been keeping its printing presses working overtime in order to save the financial situation in the U.S. and to perk up the state of the stumbling economy, but doing nothing much about the sorry state of affairs as regards the homeowners’ mortgage debts. For, only about twenty five percent of the total people that applied for financial help received permanent aid with their outstanding loans under the modification of mortgage terms sponsored by the U.S.government, while banks were favored for their working in this regard. Although the limited aid program was introduced, only the people that befitted the ‘responsible borrowers’ image and fifty percent of the borrowers that faced foreclosures benefited from the same, while millions of people suffered; not being financially helped by the government; losing their homes, despite the fact that hundreds of billions of dollars had been allocated in order that mortgage loans may be bought. Loans that could not be repaid were rescheduled, instead of the government stepping in and taking control by purchasing them. Mortgage companies provided inadequate funds and when the same was brought to the notice of the administration, it hardly paid urgent heed to the serious issue. In recent times, there has been an increase in the number of people that are being helped in their debt-issues, but the helping hand has certainly taken its time to extend support. For, in the meantime, about thirty percent of the people that did not receive the above-mentioned government aid have been left staring at home-foreclosures, or are being filed for bankruptcy or have even lost their homes. Consequently, there may be bitterness in the people’s minds and they will certainly think twice before casting their votes in favor of the presently reigning government again.
It will be interesting to see how this issue could play in the minds of the public as elections draw near and seeing candidates standings on fiscal conservationism vs their standings on where the economy currently is at.