Although the recession is deemed to be over, economic problems and foreclosure-related issues, such as high levels of foreclosed homes for single families, are expected to spill over onto next year. According to economists from the Indiana University (IU), the weak recovery of the U.S. economy and employment problems will be much the same come 2011.
Most economists forecast the same; that the housing market crisis characterized by huge supplies of Indianapolis home foreclosures and distressed properties in almost all areas of the U.S. will continue until next year. Among local economists, most expect some form of job growth in the state and in Indianapolis by 2011, albeit at a very slow rate.
Along with the continuous expansion of Indiana foreclosure listings, unemployment is predicted to continue to weigh down the state's economy. According to IU economists, Indiana might be able to gain around 55,000 jobs by 2011, but several more years will be needed to replace lost jobs that number around 228,000, particularly at the current rate jobs are being added in the state.
Mostly, economists expect the same problems by next year; with foreclosed homes for single families and unemployment being the primary factors that will hinder a sustained economic improvement. Local experts do expect some growth, but most agree that it will be minimal and nothing spectacular.
State economists have highlighted the problem of properties under foreclosure listings services, claiming that the ongoing housing market crisis is a significant factor that is dragging the region's economy down. According to housing market statistics, around 10% of 400,000 residences in Indianapolis are under foreclosure or are associated with delinquent mortgages.
Majority of experts believe that the next year's economy will be characterized mainly by uncertainty. They claim that it is not only the housing market that will be uncertain, but also the political climate, taxes, commodity prices, interest rates, the dollar and the policy of the Federal Reserve.
Overall, economists believe that the whole country's status will grow by around 3% in 2011. Next year is predicted to be better than the current year, but most of the current problems will remain the same, including the presence of high unemployment rates and high levels of foreclosed homes for single families.
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