Economy will never truly recover until housing industry is repaired

Many of you may have seen the article a couple of days ago in the Anchorage Daily News that discussed the troubles that the home building industry still faces even though the recession is considered over. We could not agree more! It has been Spinell Homes' opinion that our economy will never truly recover until the entire housing industry is repaired.

Shelter is one of the few basic necessities in life, and home ownership has been one of the most valued goals in America. After World War II our economy, and construction in particular, was boosted in large part due to the GI bill, and FHA, which allowed for the average citizen to buy a home.

Since that time it has been the American dream to own a home. It is the largest investment most people will ever make, and most people have depended on their home's value as their main savings. When the financial markets collapsed it most hurt the pocketbooks of the American citizens. Whereas Wall Street has "recovered" the average American still feels we are in a recession. Why? Because their home values have been destroyed due to the financial schemes of the banking industry and Wall Street.

Housing construction has always been the backbone of our country, and until this industry is healthy again, we cannot consider our economy recovered. New policies for foreclosures, financing and appraisals need to be a top priority!