The main focus of the U.S. economy continues to be associated with the housing market and associated difficulties in the market and markets for residential backed securities. The housing sector appears to be set for even more weaknesses in the upcoming future. Falling house prices are reducing the abilities of homeowners to extract equity and equities to support consumption as well as greatly pressuring those homeowners with little residual equity. The ongoing problems in the housing markets could well leave the U.S. economy vulnerable to oil shocks or further weakness in equity markets.
It may well occur that the U.S. market will continue on in the near future of 2007 until sometime in 2008 when a resounded sounder economy will continue stronger growth , without the major drag and emphasis of the housing and construction markets with their financial and currencies concerns.
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