How might the 2010 election influence the real estate recovery
In a word, JOBS. It's no secret or surprise that people vote with their wallets. Just take a look at the Industrial Midwest where massive job losses most likely caused voters to toss out the old and bring in the new. Now to be fair, the economy hasn't been all that good for a few years and Midwest voters were tossing out the old just two to four years ago as well but this year voters changed the map big time from blue to red.
I can't think of anyone who would even remotely consider buying a home in Charleston or anyplace if they didn't feel they had job security. And with estimates of unemployment ranging from the quoted 9.5 percent to as high as almost 20 percent, it's no wonder that the real estate market has been mired in a slump.
And while the Charleston real estate market has done much better than many other locations because our local economy is better than most, until jobs are created and consumer confidence improves, there won't be a solid real estate recovery either here or anywhere.
Let's see if the politicians can get it right this time.