The US housing market consists of the construction, sale and resale of residential properties all across the country. In the second quarter of this year, reports have shown that there has been a decline in home building as well as the sale and resale because of the collapse in the subprime lending industry last year which was one of the factors that contributed to the current financial crisis.
This means that a lot of people have to foreclose their homes if they cant pay the amortization. Those who have not yet lost their homes are trying to find a way to keep theirs. Individuals who are well of have to think twice before considering building a home so they dont fall in the same situation as others are also experiencing.
Companies involved in the construction industry have to layoff some workers rather than keeping them on the payroll because they are just wasting money keeping them around when there is no work to be done.
But it is not as bad as you think. There are advantages when there is a decline in home building. The price of materials and cost of labor are much cheaper so you can do a lot with your hard earned money. Since contractors need projects...
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