The real estate market took a hit with the recession, affecting real estate jobs everywhere. Many individuals are tightening their spending, leaving new homes out of the budget. Because of this, new construction sat at a lull and many foreclosed homes stayed on the market with no offers. Real estate agents, who make a large part of their salary on commission, have been waiting to see an economic improvement.
The housing market is expected to gain momentum this year as ABC News reports that home construction will steadily rise. One of the problems the real estate market faces is the unemployment rate. However, as analysts expect employment to pick up by 2011, more people will begin to start looking into new homes.
David Crowe, chief economist for the National Home Builder Association, predicts that there would be a 25 percent increase in new home construction from the previous year. Still, he warned, “it won’t be a strong recovery, but it will be a recovery.”
According to the Bureau of Labor Statistics, the number of real estate job opportunities is expected to increase by 14% in the next 5 years.