With easy credit and no down payment requirements, it was no surprise to see the real estate crisis in the US, the federal government has had to toss in trillions of dollars to hold off further decline in economics due to slack housing policies. Home sale prices dropped especially in the upper end market and there was a significant drop noticed in the total number of home sales as compared to previous years.
However, there are talks going on and some ideas being floated on how to give the much needed boost in the local real estate market. As per the opinions by experts, the recovery in the real estate market should show signs of improvement in the near future with the expansion of retailing, which will offer continuing good opportunities for buyers.
One of the ideas put forth is to develop surplus land as green space in both large and small cities, this economic multiplier will not only develop greener and cleaner infrastructure but also help the stagnant market of developers get moving again and show some signs of life. After all, land without buildings is still an asset. If city managers and real estate entrepreneurs work together and identify good opportunities, these types of programs will not only help revive the real estate market, but also make our communities more livable. Building such parks can help unlock the real estate market and also build employment opportunities as well.
Likewise, several ongoing construction projects will help provide a significant number of construction jobs and also stimulate the sluggish housing market. The pouring in of employment dollars as well as the expenditures during construction will help to boost up the housing market.
President Obama and congress have to take some important and speedy steps to help the housing market and the economy to recover. One solution would be to offer government mortgages at low rates with minimum qualifying, to those with excellent credit that can propel the sales of now inexpensive homes. This isn’t about going back to where we were, it about ensuring those that have a proven track record are able to purchase without the totally crazy restrictions put in place now… as usual, the pendulum has swung too far the opposite direction.
Combined, all these factors will contribute to the speedy recovery and bring back life in the depressingly low resale and new housing construction market. As the market revives we should expect to see a turn around in the current economic slump.
Jeff Hammerberg is the Founding CEO of www.GayRealEstate.com ~ Free Instant Access to the Nation’s Top Gay, Lesbian and Gay Friendly Realtors… Free Buyers Representation.
