The Domino Effect Between Housing & Jobs

Good infographic on "how a housing crisis becomes a jobs crisis" from Tim Logan of the St. Louis Post-Dispatch.   

http://bloximages.newyork1.vip.townnews.com/stltoday.com/content/tncms/assets/v3/editorial/c/94/c94dba1e-e692-11e0-9557-0019bb30f31a/4e7df2c10c730.pdf.pdf

"...The purchase of a house sets off a long chain of events.  The money spent to buy it and to live in it ripples through the economy, creating jobs. From a locksmith on Main Street to an investment banker on Wall Street, furniture factories to City Hall, people earn a living off that one transaction."

"We’re now experiencing what happens when people don’t buy houses.  Home sales in St. Louis have fallen by nearly one-third since before the recession. And the inability to change that has played a major role in an ongoing jobs crisis. Housing and jobs have become so intertwined that many experts say we will never enjoy a broad recovery until the housing market picks up. But without jobs, it’s hard to see how people can

start building and buying houses."

Posted by Chuck Bell at 7:15 AM    

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“THE RACE TO REBUILD: AMERICA’S INFRASTRUCTURE”

CNBC PRESENTS “THE RACE TO REBUILD: AMERICA’S INFRASTRUCTURE” - CNBC:

Thursday, November 17th at 10PM ET/PT

"...From California to Minnesota and Pennsylvania, states nationwide are grappling with crumbling infrastructure…600,000 bridges in need of repair, one-third of America’s major roads in dire condition, thousands of miles of old fuel lines stressed to their limits and billions of dollars needed to shore up the nations levees. It’s a crisis sweeping the nation. Is there a solution? Or is this our future?"

"The American Society of Civil Engineers has given our nation’s infrastructure a near failing grade of “D” overall. And, according to the Urban Land Institute, the U.S. needs to spend $2 trillion to rebuild roads, bridges and other critical pieces of public infrastructure that are reaching the end of their life spans, money that many believe just does not exist."

"On Thursday, November 17th at 10PM ET/PT, CNBC presents “The Race to Rebuild: America’s Infrastructure,” a CNBC Original reported by Correspondent Michelle Caruso-Cabrera, that takes viewers inside the infrastructure problems at hand and asks experts and policy makers what it will take to put the nation back on track."

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Posted by Chuck Bell at 6:56 PM    

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Schools brace for more budget cuts

The Associated Press: Schools brace for more budget cuts:

By KIMBERLY HEFLING, AP Education Writer -- Oct 24, 2011 

"...[A]n estimated 294,000 jobs in the education sector have been lost since 2008, including those in higher education."

"The cuts are felt from Keller, Texas, where the district moved to a pay-for-ride transportation system rather than cut busing altogether, to Georgia, where 20 days were shaved off the calendar for pre-kindergarten classes. In California, a survey found that nearly half of all districts last year cut or reduced art, drama and music programs."

"Nationally, 120 districts — primarily in rural areas — have gone to a four-day school week to save on transportation and utility costs, according to the National Conference of State Legislators. Others are implementing fees to play sports, cutting field trips and ending after-school programs..."


"Recognizing the reality districts face, President Barack Obama included $30 billion in his $447 billion jobs creation package to save teachers' jobs. The Senate rejected the jobs package as well as a separate measure focused on saving the jobs of teachers and emergency responders."

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Posted by Chuck Bell at 6:46 PM    

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More than 1 in 4 homeowners 'underwater' on mortgages

More than 1 in 4 homeowners 'underwater' as U.S. housing market continues to sink | Mail Online: 

By MICHAEL ZENNIE, The Daily Mail, 11/8/11

Walking away: The large number of houses 'underwater' could lead 

to homeowners deciding it's no longer worth it to make mortgage payments

Nearly 30 percent of American homeowners owe more on their mortgages than their homes are worth, according to a new report from the real estate website Zillow

Defaults and foreclosures are likely to increase as homeowners decide to walk away from their houses, rather than continuing to make mortgage payments on property they can't sell or refinance, analysts said.

Forecloses are already twice what they were this time last year and the number of homeowners who haven't made a mortgage payment in at least two months rose for the first time since 2009.

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Posted by Chuck Bell at 4:45 AM    

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