Jun 09

Economic Woes Continue to Plague Housing

Economic Woes Continue to Plague Housing

 

Economic Woes Continue to Plague Housing. Image courtesy of David Castillo Dominici / FreeDigitalPhotos.net

Economic Woes Continue to Plague Housing. Image courtesy of David Castillo Dominici / FreeDigitalPhotos.net

Economic confidence is waning, as many Americans continue to face stagnant wages or high unemployment and underwater home values.

Americans are earning about $4,700 a year less than they would have been if the economy had not undergone the Great Recession, Lawrence Yun, chief economist for the National Association of REALTORS(R), told CNNMoney.

Many Americans still hold a lackluster view of the economy, according to a new Gallup poll. In fact, 55 percent of Americans recently surveyed said the economy is getting worse, while 40 percent said it was improving. Economic confidence has been getting worse recently, according to the poll.

“We still have a large gap,” Yun says. “After a recession, generally in order to make up for the downfall, the economy should be rising 4 percent to 5 percent per year.” Yet, the economy has been growing about 2 percent a year instead.

“The labor market is the scar on the economy that remains from the Great Recession, the financial, and housing crises,” Sean Snaith, economics professor at University of Central Florida, told CNNMoney. “It may be fading, but it is still clearly visible and will remain for years to come.”

Source: “Most Americans Feel No Economic Recovery,” CNNMoney (June 3, 2014)

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