Weak real estate market serves as thorn in economy's side

05/10/2010 | Wall Street Journal, The

Weak real estate values and oversupply in many markets will continue to act as an obstacle to economic recovery, according to this piece. That's because a poor real estate market means fewer high-paying construction jobs; devalued home equity hurts borrowing for homeowners and small business owners; and lower property values mean fewer property taxes for government, which must then constrain spending on public works.

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