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The housing sector, which began to weaken more than two years prior to the onset of national recession at the end of 2007, still is a major negative for the U.S. economy, according to National Association of Home Builders. The housing production component of gross domestic product (residential fixed investment) suffered a severe setback in the final quarter of 2008 and will post an even weaker performance in the first quarter of this year.
Employment in residential construction naturally continues to trail down systematically as housing production continues to weaken. NAHB stated that falling house prices continue to take heavy tolls on household wealth, consumer spending, mortgage credit quality and the national and global financial systems.
Numerous vacant housing units remain on and off the market, but massive cutbacks in new housing production along with prospects for near-term stabilization of home buyer demand should be improving the supply-demand balance before long. – Courtesy of NAHB
Revitalizing the Packing District
Esplanade at Aventura
A Serene Escape in Uptown Charlotte
Raleigh, North Carolina
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