Lately there’s been a lot of buzz concerning the effects of the government shutdown. These concerns surround issues such as cost, everyday living, and how the apartment industry has been directly affected by the government’s decision.
The effects during and after the shutdown were felt by many everyday citizens. People lost their jobs, others had their daily life upended, and prices jumped through the roof. There were many financial implications behind the government’s reasoning. One of the markets that was affected tremendously was the housing market.
Here are a few complications the housing industry experienced:
- The application purchases of government programs went down by 7-percent.
- Conventional purchases dropped.
- Refinancing and interest rates are on the rise.
Due to the increasing prices of rates and the slowing of the housing market, there have been problems with the application process, preventing residents from moving in. In addition, the prices of rent and other maintenance costs are rising to help cover the discrepancies in the market.
Although this shutdown has been quite detrimental to many industries, many have already bounced back. So if you are looking for a fresh start and want to learn more about our amazing properties, just send us of message – we will take great care of you.
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