Recent news from the Mortgage Bankers Association shows that foreclosures are declining, but undoubtedly a substantial increase in new construction starts and sales will be triggered by jobs being created. The labor force must be reinvigorated with positive momentum in job creation before consumer confidence will return on a scale large enough to drive home sales forward. Currently there are savvy buyers and those with comfortable positions that are taking advantage of decreased home values and exceptional interest rates, but a widespread return to home ownership and investment won’t occur until the economy sees job growth. Hopefully this will occur sooner than later, although the general consensus among most economists is that this recovery will be longer and slower than in recessions past.
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