Indiana has always focused on the manufacturing segment of its economy. The state is highly involved in heavy industries that include steel, machineries, medical devices, automobiles, electrical and transportation equipment, petroleum, and rubber, among others. Because of that, over 3,000,000 workers in the state are more or less required of highly skilled labor.
Perhaps because of this involvement in automobile manufacturing, Indiana once depended on small trailers as their temporary shelters. This trend began prior to World War II and lasted until the 1940s, with the mobile homes improving in size and features. In the 1990s, these house trailers composed nearly a third of all new single-family houses in the US and Indiana became its largest producer. These days, mobile homes are also labeled as “manufactured housing” and they are comparable to site built homes when it comes to structure, comfort, and quality.
Despite the prosperity of Indiana’s housing segment during that period, it still failed to dodge the challenges of the global economic recession.Like other local industries, their housing market was affected for several years. Home sales went down and people were discouraged to commit themselves into considerable housing investments.
Today, the economy is gradually picking up and the housing market in Indiana is showing signs of quick recovery. According to the Indiana Association of Realtors, home sales for January 2012 were 14 percent higher than the same period last year. Additionally, the median home sales prices increased by one percent.
According to experts in the housing market, these signs of recovery can be primarily attributed to the improved confidence of people to home builders.A business school in Indiana said the consumers’ trust to home manufacturers is the highest in the span of 5 years. Experts say the Indiana debt consolidation and mortgage providers also played a crucial part.
With the debt consolidation Indiana mortgage companies offer, homeowners gained the confidence to obtain considerable housing loans. They became certain that they can pay off their monthly dues and avoid home repossessions or foreclosures. The increasing number of job opportunities for Indiana residents is said to contribute to this positive consumer mindset as well.
With all these positive changes in the housing sector, economists say the people also have a role to play in further improving the segment. By buying bank owned homes Indiana has, they can contribute to the development and complete recovery of their housing industry. For more tips on how locals can empower home sales in Indiana, visit http://www.wthr.com/story/16985665/indianas-housing-industry-showing-signs-of-recovery.
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