The other day a friend and I exchanged e-mails and texts. She’s frustrated.

She owns a home that repeatedly requires maintenance or replacement. She was recently turned down for a refinance because of the loan-to-value ratio (the value of her property has dropped like a rock in this Great Recession. She would love to get rid of the property but fears the house will sell for less than the amount owed on the mortgage.

My friend is stuck on
an individual, micro level and the United States’ economy is stuck at the macro level. Until the housing sector recovers, we are all STUCK.

At first I thought the economy would recover by the Spring of 2012. Not a chance!

There are some economists projecting the housing sector won’t recover til 2015. Yikes. And I fear they may be right.

The housing bubble didn’t develop overnight. Not surprisingly, untangling ourselves from the burst of the housing bubble will take time. In the meantime
we are STUCK.


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