Americans Are Gaining Confidence in the Economy
The September Jobs Report issued by the Bureau of Labor Statistics reported that the unemployment rate dropped to 7.9%. Though that percentage is well below what experts projected earlier this year, it still means millions of people are without work. There’s no way to minimize the tremendous impact this pandemic-induced recession continues to have on many Americans.
However, the latest Home Purchase Sentiment Index from Fannie Mae shows how more and more Americans believe the worst is behind us, and their personal employment situation is good. The index revealed:
“The percentage of respondents who say they are not concerned about losing their job in the next 12 months increased from 78% to 83%, while the percentage who say they are concerned decreased from 22% to 16%. As a result, the net share of Americans who say they are not concerned about losing their job increased 11 percentage points.”
Americans are naturally optimistic and have always responded to challenges with both resiliency and resourcefulness. Today is no different. As an example, the Wall Street Journal (WSJ) just reported:
“Americans are starting new businesses at the fastest rate in more than a decade, according to government data, seizing on pent-up demand and new opportunities after the pandemic shut down and reshaped the economy.”
Why would someone start a business in the middle of an economic crisis? The WSJ explains:
“The jump may be one sign that the pandemic is speeding up ‘creative destruction,’ the concept…to describe how new, innovative businesses often displace older, less-efficient ones, buoying long-term prosperity.”
The WSJ also notes that these new businesses will have a positive impact on the overall employment situation, as new businesses “are a critical engine of job creation. Startups have historically accounted for around one-fifth of job creation.”
For the millions of Americans still unemployed, we hope for a quick return to the workforce. We should, however, realize that over 90% of people are still employed, and some are venturing into new business start-ups. Perhaps the next big game-changing company is right around the corner.
Stay up to date on the latest real estate trends.
Single-family homes continue to be a hot commodity, while condos continue to sit on the market.
Inventory levels are increasing drastically throughout the entire East Bay, with the area seeing over 40% more active listings than this time last year.
If selling your house is on your to-do list this year, the time to start prepping is now. That’s because experts say the best week to list your house is coming up fast.
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Mortgage rates have ticked back up to roughly the same levels, as they were at prior to the Fed issuing its first rate cut in September.
Inventories are one of the most important leading indicators of price trends, and we’re seeing quite the increase in inventories in the East Bay in terms of both singl… Read more
If you’re willing to roll up your sleeves (or hire someone who will), buying a house that needs some work could open the door to homeownership.
You might even be thinking, “Should I just wait until spring when more homes hit the market and rates might be lower?” But here’s the thing, no one knows for sure whe… Read more
You’ve got questions and we can’t wait to answer them.