The economy and housing market has been tough over the past several years. However, 51 percent of current owners and renters still want to buy a home, according to a study by Fannie Mae. These numbers are up from previous surveys.
Housing foreclosures also recently fell to their lowest levels in 18 months, according to an article on MSNBC.com. New construction is actually increasing for the first time in a few years.
That compared with a rate of more than 2 million units at the height of the boom in 2005 and is just 16 percent above the 477,000 unit pace of April 2009 — the lowest point on records dating back to 1959.
Later on in the article, it’s said that:
The weak housing market is one of the negative forces confronting a slowly improving economy. So is high unemployment, now at 9.8 percent.
Each new home built creates, on average, the equivalent of three jobs for a year and generates about $90,000 in taxes, according to the National Association of Home Builders.
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