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Tuesday, September 28, 2010

Household income plunged in 2009

Nationally, the median income of $50,221 is down about 4 percent from its peak since the recession began in December of 2007. That year, median household income was $52,384. Last year alone was responsible for about $1,500 of that loss
This is going to put pressure on housing demand and it will also influence supply.  As income decreases it will increase the number of foreclosures in the market.  You have to also remember that there are 3.5 million American on long term unemployment that will have to leave the system.

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