The effects of higher interest rates and energy prices, combined with decreased home price availability have reflected a cooling-off period of the housing market.
Housing construction is suffering as well. An increased inventory of properties already saturating a depressed market means an excess supply of housing. New construction of homes and apartments, the purchase of building products and employment in construction-related fields will all be on the decline as the market softens.
Real estate is vital to the continued growth of consumer spending, and to the economys growth.
Throughout 2006, the Federal Reserve has been tightening credit in an effort to keep inflation under control by increasing interest rates.
In order for there to be a positive growth of the economy an effort to reduce inflation must be achieved without inviting the risk of recession.
Crude-oil prices continue to escalate; the war in Iraq drags on with no sign of abating; the market is imperiled by gas prices that have anxious consumers wondering when there will be an end to the global energy problem.
A higher household expenditure on gas adversely affects the...
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