An analysis of the impact of the housing market on the U.S. economy.
Written in 2008; 1,264 words; 4 sources; APA; $ 42.95
Paper Summary:
The paper discusses how, since 2006 the housing market in the US has cooled off, with home sales falling sharply and house price inflation slowing. The paper predicts that this down swing of the housing market will likely have a significant impact on the overall economy. The paper looks at the opinions of various economists and relates that homes all over the nation will actually lose value, rather than simply experience slower value growth, which will continue to grow the sub prime loan situation. The paper further relates that the manner in which this will effect the economy is unknown, although it is known that the construction and lending industries are significant employers in the nation, and when these markets slow, the overall market slows considerably.
From the Paper:
"The housing market in any economy is a significant aspect of determining overall health, in short when people are working for equitable wages they tend to become home owners, especially in the US where incentive to do so is high. In the past few years the housing market has made significant strides, meaning home prices have risen and the construction of new homes was high, until mid 2006 when many housing markets began to show signs of decline. According to the Economist Intelligence Unit Limited 2007, Country Profile of the US construction accounts for slightly under 5% of the Gross Domestic Product, (GDP) though it plays an exceedingly important role in the US business cycles."
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