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Shahla
Money Managing Guru
Joined: 13 Nov 2004
Posts: 3324
Cash Points ££ 126163.28
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 Posted: Thu Apr 17, 2008 3:42 am Post subject: US Housing Bust and the American Dream |
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By: Mark_B_Rasmussen
Home ownership has long been considered “The AMERICAN DREAM” and with the recent paradigms of the “WEALTH AFFECT” and the “OWNERSHIP SOCIATY”……..(Really fraud and myths I have written about earlier on this site)…..See “Debunked Myths of 2007”.
It is estimated that 8 - 10 Million Americans owe more than their home is worth today, as the rate of housing price decline accelerates and the economy slows…(actually early recession).
According to Paul Kasriel and Asha Bangalore of Northern Trust, APX. 43% Of jobs created during the “Boom” were Real Estate related (Financial professionals of all stripes and huge numbers, realtors, appraisers, self employed contractors, appliance/ carpet/ window/ door/ concrete/ frame/ roofing manufacturers, sales people and installers, architects, landscape architects etc, etc.) What many of these people have in common is that they were self employed and independent contractors (Do not show up in unemployment data). Due to the job mix of the “Boom”, real unemployment is most likely understated by a record amount. Now that the housing market is declining the most since “The Great Depression”, one must wonder what is to become of all those housing related jobs. Perhaps it is not a good idea to have such an extremely unbalanced and single source economy…… (think Detroit and autos). Time will tell. Is there another bubble to replace all those jobs, income and wealth?
RICHARD'S STORY:
http://www.marketoracle.co.uk/Article4241.html |
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