This week I read that 20% of Ohio's homes are "underwater". This term refers to homes that are valued less than the mortgage owed. In the month of April, 1 in every 640 homes received a foreclosure notice.
This is a true housing crisis.
I am not sure if we had a Recession. As I talked to businesses, 2009 was bad, but 2010 was worse. This year, so far they are holding their own with an occasional hiring and expansion. However, the housing statistics listed above are one reason why I think we lived through and are possibly still living through a Depression, not a Recession. Though a case could be made that we are not digging deeper/faster as we once were or that not all economic sectors are crashing, we are still seeing remnants out there of instability.
People are making efforts to change their habits - - having small vegetable gardens, using their credit cards less, driving less, and changing shopping habits/stores. Grocery stores are noticing that people are stopping less times per week.
I have seen where we have helped businesses get a utility audit which lead to ideas to save them money.
The little things do add up. We are making adjustments, which hopefully will halt the housing dilemma and get us back on track again.
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