The market for real estate remains a vital portion of the economy. Hence the economy being affected by the real estate market. Likewise, the events in the economy also affect the real estate industry. The economy faced a lot of challenges in the recent years. As would be expected, the real estate market similarly suffered from the same traumatic events.

The state of the economy definitely affects the industry. In the bygone past, there were helpful effects. People tend to shift their investment to the real estate when the economy is heading a downturn. Most will pull out their stock investments because they are uncertain of what will happen to the economy. They believed that real estate was a more real asset class which could protect their money.

Although, the recent money issues that our country has been facing the last years changed all of that. The industry of real estate was affected dramatically. This happened as a direct result of the devastating events which forced a number of homeowners to forfeit their properties.

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For a number of reasons, the quantities of buyers has dropped way off. Individuals no longer have any great confidence in the overall economy. The uncertainty of what will occur within the market is causing people to want to hold on to their finances rather than go out buying homes. And because of the high unemployment, a great number of them are not considering buying a house either. People fear the loss of their jobs now, so they are trying to save up as much money as possible.

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