Back
in 2008, the US economy was in serious trouble. Luckily, the government managed
to avert a crisis that could have made the great depression look weak in
comparison. Sure not everything was handled perfectly, but what was done was
done in an emergency situation. Gary Allen was especially concerned as he has
built his life in the real estate business.
During
the financial crisis and the recession, the housing market in the US took a
precipitous drop that many thought it would never be able to recover from. The
so-called housing bubble had burst and left hundreds of thousands of people
left with foreclosed upon homes and all sorts of other disasters. Gary Allen
knew this would be the beginning of rough years for the housing market in many
places.
Luckily
for Gary Allen, his project had no bank debt. Still, the decrease in business
wasn't good for anyone in the real estate business. Recently however, there
have been signs that the housing market is slowly recovering. The recovery is
far from steady though. Sometimes the numbers are up, sometimes they are down.
But generally, recovery is moving along very slowly.
In
some parts of the country the housing market is better off than in others. This
is due to a variety of factors like local economies, employment, and
desirability to name a few. Ultimately, Gary Allen hopes the housing recovery
continues to improve over the coming years. The sooner it does the sooner the
US economy can return to full strength.
In
the meantime, Gary Allen will continue to
look for good opportunities in distressed real estate in the southeastern US. He sees this as a great real estate opportunity to provide housing for
those who can’t qualify for a mortgage.
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