There are some small signs that the worst of our economic troubles are over. But there’s still a long way to go before we’ll see the same real estate activity we had in the past. People are still out of work and large companies are still laying off people or cutting back on salaries and pay raises.
As you’ll see in this report, research shows that buying a home is the last thing people are thinking about these days. Read these stats carefully and really get to know and understand your real estate market so you’ll be around when the market bounces back.
April 2010 U.S. Real Estate Building Statistics Report –
I think your numbers are way off. It helps when you look at it all instead of just what you choose to see when doing these calculations. I think we are a lot worse that you are saying we are and you covering it up. If this was intentional then I am just going to call you a LIAR and get it over with. If it was accidental I simply going to ask you to start looking at all of the numbers again and include everything instead of just what ever you feel like paying attention to. This is like saying unemployment went down but not stating how you came to this conclusion. If you are not counting people who lost unemployment benefits because they ran out it is not the same thing. It also does not mean unemployment went down. It also does not account for the people who are now like the middle class worker that lost their decent job and now working at Mc Donald’s as a fry cook due to lack or opportunities in their normal fields.
This is really simple math.
Keep in mind unemployment is at an all time high.
Companies OR people MINUS any financing from just about every bank = Nothing to Design
Nothing to design = Nothing to Build.
Even if the economy comes around we will not see an immediate change. Places to live and buildings are still something people buy. The amount of foreclosures and bankrupt business have flooded the market with empty homes and buildings.
Considering all of this now we apply the simple rules of supply and demand in any market. Since the supply of vacant homes and buildings are high, the demand for any A/E/C services and materials even remotely related to them are low. Even if the economy tried to bounce back and recover the services related to construction whether its financing design or anything in between will be low to non existent.
Now lets look at the real unemployment and that lovely home ownership you are trying to come up with numbers for justifying an improvement in economy. Since the real unemployment rate here in the US is at an all time high people do not have decent jobs. So banks in general should not even consider giving people loans to purchase a home to begin with. A government mandating they should be eligible for a loan the people can’t pay for only means it will be foreclosed upon soon. Now let’s look at the people who are employed. The drastic downgrade in quality work opportunities means the once hard working middle class person that now is working at Mc Donald’s as a fry cook just to get by won’t cut it as you new prospective home buyer. The new home buyer credit does not even come close to making up for this kind of loss. This means he gets the foreclosure of a dream too.
To put it short, right now only the really rich people can capitalize on buying property in hopes that when the market does turn around they have bought up everything at the lowest price, usually a foreclosure derived from the previous example I gave. After the economy comes back a little bit they can sell it off at a higher price later on. So did it really help the people that needed it. We both know the answer is NO.
I wish people like our congressmen, our representatives and our president really knew, what doing nothing about the situation has done to millions of people in this country. The sad thing is I don’t think they even care. They have made things even worse with some of the things they have done making doing nothing even better than what these people have done.
If you take anything from this comment posted, I hope it is this.
The following will kill any kind of economic rebound and kill this country:
Socialism and liberalism (aka its new label is progressive) You can put a chimp in a suit and does not change the fact a chimp is still a chimp.
Big government
More taxes of any kind
Unfair trades with other countries
Taxing companies to the point they are looking to leave the United States to cut costs
More government spending on things we don’t need
Forcing people to buy things they can’t afford like health insurance when they have no jobs
Replacing decent middle class jobs with minimum wage jobs, part time jobs, and seasonal jobs
Making immigration easier to hide the real unemployment rate by making what was once an illegal worker a legal worker.
Deregulating the loan industry to accommodate people to try and live well beyond their means (this is partially what brought us to this point)
Bailing out businesses with no fiscal financial responsibility that should have been bankrupt and out of business in a capitalistic society. This is what I really don’t understand. If something is broken do you buy it? Of course not. So why did our government buy out all of these companies that were going out of business?
A government that does not listen to its people
Elected officials neglecting their duties and oaths while in office
If you want work with the potential to get ahead. If you want people to be motivated to work instead of sit on their asses. The next time there is an election get the liberals and the trash out of government offices that do not do their jobs.
Doug Bevill further proves my point here.
http://www.slideshare.net/hurleyb/2010-economic-update
Thank you for your time.
Hey Chris,
Thanks for the comment.
I”m a bit confused though… the report clearly says (and shows) that the market is still in bad shape and nowhere does it say that it is doing well.
Yes, pending home sales are up from this point last year (thats a factual statistic… not something made up)… so that shows that homes are moving better than a year ago.
However, as the report says… unemployment is still high as heck, the federal government is repealing some of the programs that were created to “help” the market (home buyer tax credit, fed buying up mortgages, etc)… which as the report clearly states will be terrible for the market.
I agree w/ you on many points for sure. I’m not a liberal… and don’t agree w/ most of the things happening right now… they’ll kill the economy even more.
But, your comment about “looking at what you want to look at” should be redirected back at you because your entire comment is so heavily slanted to the right that it clouds the whole factual validity of your comment (again, I am not a liberal… so this isn’t coming from a left wing democrat).
Anyhow, thanks for the comment… the link you provided was a great resource… but, your argument needs resharpening and you may want to re-read the April Real Estate statistics report on this page because from looking at your comment… I am beginning to think you may not have even read it at all (the entire report shows C – F grades for nearly all leading indicators in the market).
Thanks again!
– Trevor