US housing industry needs to be revamped

What is the present condition of the housing industry in the ambit of US? Well, there is only one straight answer and it is appalling. Never before the country and the US housing industry did face this perilous situation though the economic recession is not any fresh concept in the US soil. Well, let’s go straight into the subject. Only in the last month of November 533,000 jobs were lost, according to the government reports, and it’s a part of the 1.9 million jobs (almost) abolished till date. What is more shocking is that a substantial portion of these jobs belong to the housing and related businesses and not less than 3 million jobs have vanished in these sectors up till now.

This figure is quite enough to make a person aware of the sorry picture of the housing industry in the realm of US. Do you know that the housing industry accounts for about 15 cents of every dollar spent in US? The presence of this reality along with a tighter market and the least opportunities to have easy credits has made the scenario more horrific. What should be done therefore? The State has to come forward, as a result, with a new and massive stimulus package to restore the economy.

All these indicate that the full momentum of the home building and housing exerts a great impact on the entire US economy. Keep in mind that the housing projects and also the patterns of buildings are found to be different from each other. The only reason is that they cater the needs of specific income groups and this gives rise to several ancillary industries and growth of employments of various forms.

All eyes, therefore, are set on the US Congress and its decisions. Many are found to opine that the Congress must make the recently implemented home-buyer tax credit accessible to all qualified purchasers. Besides it should also be made bigger so that there can be a real impact on the country. This is one of the most viable measures that can help the refurbishment of the housing industry and the national economy a reality.