Wednesday, September 8, 2010

What Happned in American Economy and Housing?

Although news media talked about depression since 1930's this time, the economy did not go that awful partly thanks to business bail out program as well as new house tax program.  In early 2010, economy was showing slight sign of recovery, even.  This summer, however, observes slight slowing down movement of the recovery process.  Media reported bad news such as trade deficit, stagnated employment promotion, durable goods sales down, and so on.   Especially housing market has down shift after ending of tax refund program for a new house and second house.  Sales of the new house were 12.4% (276,000 houses) against the previous month in July, worst in record since 1963, according to the sources.  It is particularly bad to feel the economy situation is not good in this place,  where we live.  In the block of our house, there are 2 foreclosures and 1 short sell in past 6 months.

This picture left is the next-door neighbor.  Again it was so sad and upsetting see this family had disappeared almost overnight.  I used to talk with their grand mother on the street.  We saw their kids playing skateboard in their front yard.  The owner family some times invited their friends and had small parties.  Now all of them had disappeared.

This is the picture of a house, which located on the other corner of our home.  It has been vacant for 3-4 months ago.  This family had 2 small dogs, who used to come out and play with our dog, when we walk our dog.  We greeted each other and used to have a short talk in front of their home or our home.

The last picture is the one taken quite recently.  The family still lives there, but the house is in short sell by a bank.  They held BBQ style lunch and dinner so often, and we heard their playing music  when they had BBQ party.  Now, they have not done any BBQ party anymore.   The house and family are totally quiet.

It looks like the economy is not recovering.  Instead, there are lots of people who are suffering from the past wounds of business activities.  It does hurt not only the one, who suffered foreclosures or financial difficulties, but also the ones who are close to them.

I hope we see real recovery of the economy very soon.  What will be the locomotive to bring the economy up again?  Will it be medical or bio engineering?

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