The real estate industry is going to have to come up with a lot of cash if it’s ever going to survive the current recession. Even famed developer Fannie Mae is admitting he still needs billions to break even and keep on his promise not to throw people out of their foreclosed homes, The scale of the problem is what makes it so difficult to deal with for all aspects of society are affected down to the individual.
Lost Jobs, less pay due to less work-week schedules all impact the ability of the public in general to spend money and spending is the driving force of the economy. No cash in while cash is going out in terms of overhead costs means businesses are considering closing shop to cut losses already suffered. The real estate may take a couple of years to bounce back to its former glory so just pray it doesn’t take longer.