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With the economic recession looking to be at an end, there are a number of sectors and markets that are showing signs of genuine repair and are actually encouraging the increase in the global economy.
One of the most affected areas was the US housing market with real estate experts such as Fort Myers at a loss as to how to repair the incredible damage that was being done to a once thriving part of the American economy. Fortunately, the strength of American real estate prior to the recession has meant it is one of the first industries to show significant signs of repair and is now the inspiration for other sectors. It is also a strong support for the American economy to pull itself out of the financial problems it has faced since 2008.
The housing market is reported to be two thirds back to normal with house sales currently at pre-recession levels. Sales are up by 29% in comparison to last year although construction rates are still low with a minimal increase of 1% since they were last reviewed in July 2013.
The Bubble Effect
The recession in the US really struck after the housing market bubble in 2006. The term ‘bubble’ relates to an economic bubble that affected multiple parts of the housing market but most notably and significantly, house prices.
In 2006, house prices began to fall, which carried on, into 2007 and by 2008 they were at an all time low with little warning and no suggestion as to how the problem could be rectified. By the beginning of 2012, house prices were at an all time low and showed no sign of increasing anytime soon, until recently when the recession began to show signs of being at an end and consumer confidence was on the rise.
The economic bubble had a negative impact on home values, mortgage markets, builders and real estate agents all of which are recovering although slower than the valuation of homes.
The Future Looks Promising
In 2009, the US Government allocated $900 billion to US real estate and this investment has been one of the factors behind the industry being the most successful as the recession begins its end.
For the first time in 5 years, consumers are confident and are investing in property, which is allowing the boost in the housing market to be maintained. Although house prices are still 17% lower than pre-recession figures, the gradual rise and the increase in consumer interest the real estate industry looks set to help the rest of the country come out of the recession and lead by example for remaining industries.
Amanda Walters – This article was written by Amanda Walters, an experienced freelance writer and regular contributor to Huffington Post. Follow her here: @Amanda_W84