Forbes reports that each new home built creates 3 new jobs and generates $90,000 in taxes, according to the National Association of Home Builders. Housing sales remain depressed, with last year being the worst on record for 50 years. Higher down payments, tougher credit standards and foreclosures are among the factors cited that have kept new home sales down. RealtyTrac estimates 1.2 million foreclosures will hit in 2011, with another 1.7 million homes in the so-called shadow inventory. Apartment construction has risen from 20 percent to 30 percent of all housing starts.
(photo courtesy of Wikimedia Commons)