Housing Crisis

Brian Galm
Living in the city and in the dorms, I do not see much of the problems with the housing crisis that affect many people across the country. Going home for spring break has shown me that there is a real problem and that America is being hit hard. In the city, we see it thriving; nothing is closing as much as it is in the suburbs. After looking into it more, I see that the housing crisis is really affecting a lot more than many think.
It not only affects the thousands of home owners, but it affects lenders, builders, as well as students who cannot qualify for student loans due to the mortgages. My neighbor is a builder and he has lost much business because no one is buying houses. Not only is the housing industry affected, but it seems that now its time for the auto industry to be affected by the real estate foreclosure crisis. With banks and auto lenders tightening their loans and worried of getting caught in the recession, hundreds of American consumers are not being able to get any loans.
So now, people are not buying cars, which then leads to less jobs in factories with these large companies such as GM, and less money in the system. It seems like this is a never-ending process.
With real estate the number one industry and the auto industry the second, if these two fail, then there does not seem to be a back up.
The housing crisis is the first that needs to be solved and if that works itself out, then people will be more confident in society.