According to a recent editorial in The Los Angeles Times, the jobs creation plan President Barack Obama detailed in his speech on Thursday, September 8 failed to hit on one of the nation's more pressing areas - the struggling housing sector.
The editorial's author, Don Lee, expresses that home sales, prices and construction figures have all been declining for a prolonged period of time, so much so that many Americans seem to be numb to the sector.
Furthermore, Lee feels the housing sector's struggles are some of the problems plaguing the country.
"More than four years after the sector's initial collapse, housing has become the economy's silent killer," Lee writes.
Close to one-fourth of all U.S. homes are in foreclosure or have underwater mortgages, which has prevented many Americans from switching jobs, financing other items or increasing spending. In addition, few Americans may be able to regain their financial standing. The Federal Reserve relays that more than half the $13.5 trillion Americans had in home equity in 2006 was lost as a result of the recession.
While job creation and housing sectors are stable in some regions, such as the Houston real estate market, other areas have been hit hard, a fact that the new jobs plan seems to ignore, Lee argues.
Courtesy of 2M Realty News