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According to a recent editorial in The Los Angeles Times, the plan proposed by President Barack Obama regarding job creation ignores the largest detractor in the stalled economy – the struggling housing market.
The news piece relays that home sales, prices and construction figures have all continued to decline for a prolonged period of time. In fact, the writer feels the country has actually grown numb to the housing sector's problems because they have lasted so long.
The editorial argues that the housing market is the root of many of the nation's problems, including high unemployment rates.
"More than four years after the sector's initial collapse, housing has become the economy's silent killer," the piece states.
According to the editorial, close to one-fourth of all homes in the U.S. are in foreclosure or underwater, causing severe financial problems for many Americans. Furthermore, the damaged housing sector has caused many to lose their home equity and financial security. The housing bust following the recession lost more than half of the $13.5 trillion in home equity Americans had in 2006, the Federal Reserve data shows.
In addition, construction of new homes has come to a halt, putting many workers out of jobs. Thus, while the new job plan may become beneficial, it is largely ignoring one of the country's more pressing issues.
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