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Impact of credit crunch on housing associations

The impact of the credit crunch on the housing association is being bringing devastation and catastrophic like effects to the sector. People that had the money to spend on luxury type homes are being forced into foreclosure due to the high unemployment rates as well as the high interest rates that have gripped the nation. With all this said it is undeniable that the housing market is suffering dramatically. No one can afford to pay the mortgages on homes with the interest rates as high as they are now. People are doubling up at this point in time, with things in such turmoil. They are returning to live with parents, or living with friends just in order to make ends meet. This has resulted in a different trend in regards to what is needed in the housing market. A lot of the homes that have been lost due to foreclosures are being used as rental properties in an effort for the banks to regain some of the losses that they have incurred. Also the increased need for apartment type dwellings has also had a huge impact on the housing association. The increased difficulty in obtaining the funds to start new

Blame homebuilders for credit crunch

Every time we turn around they are trying to put the blame on someone else for the way the economy has become. Now people are blaming homebuilders for the credit crunch that we have found ourselves to be in. All across the country people feel that homebuilders have taken advantage of them. People feel that the homes being made are far more extravagant then they need to be. They also think that the homes have not been made with the energy efficiency being taken into effect. A lot of people feel that the homes have outrageous heat bills and that the energy efficient homes that they have been told were being built are not available to them. All the promises that the home builders were giving potential buyers seem to be forgotten. The buyers are getting the homes but not realizing that the things that were promised to them were not there until the bills start coming in. By this time it is too late to do anything about it and they suffer in silence. Not only are the home owners upset with the things that were promised being non existent they feel that the home builders are taking advantage

How to resolve the credit crunch

The economy is in shambles, people are scared of what is to come, not knowing if they will be able to keep the homes that they have worked so hard for. All these are things that have been caused by the credit crunch. Now we need to figure out how to resolve the credit crunch and get the economy back to the state it should be in. A lot of people think that if the interest rates were to back off a bit that people would be able to pay more of their personal debt off. This would result in the banks not suffering near as severe losses as they have been. It would also allow people to keep the homes that they have worked long and hard to get. If the interest rates were lower it would also put money back in the consumers pocket allowing them to be able to do more things which would help to regenerate the economy. Other people feel that instead of the government paying millions of dollars to bail out the big businesses that got themselves in the position they are in that the money should go to the people around the country