HouseLogic, the consumer website for the National Association of Realtors® has released the results from their latest survey. They found that when it comes to the upcoming 2012 election, jobs and housing are at the forefront of voters’ minds.
Their research indicates that almost one-third of those surveyed reveal housing is the top issue. It’s no wonder why. Millions of homeowners across the country are currently in foreclosure or are at risk of entering this state. Many others have experienced a dramatic loss of equity in their homes as prices shrank back to 2003 levels.
Perhaps one of the biggest issues is the large number of homeowners who are now upside down in their mortgages, meaning they owe more to the bank than their home is currently worth. What should be one of their biggest assets is now one of their biggest liabilities. Many don’t have the option to sell or move if the need arises. Is there a new job being offered in the neighboring state? May homeowners may have to forgo a move in order to keep good credit and a roof over their heads.
The pent-up demand has left a considerable mark on the construction market. Millions of workers are out of jobs as builders find it difficult to obtain credit and are wary of beginning new projects. Building permits have been down across the entire country.
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