Sequester Threatens Housing Market - News and Weather For The Quad Cities -

Sequester Threatens Housing Market

Sequester Threatens Housing Market

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The deadline for the sequester cut is looming for the Quad Cities and the nation.

Congress has one week to take action, or else the Rock Island Arsenal would be forced to cut $197 Million, 1,008 jobs, and furlough civilian workers.

Ruhl & Ruhl realtor Connie Coster says, "This will have a major impact on the housing market," especially hers.

As the relocation rep for Ruhl & Ruhl, can receives 20 percent of her business comes from rock island arsenal workers.       

Coster says a job loss like this, would be like nothing else.

"Where are 1,000 people going to find jobs right now?"

She goes onto say, "it's going to be like if you had a really bad infection  and at the tail end you quit taking your antibiotics it comes back three fold and it is going to be devastating."


Remax Realtor says she will also feel the impact.

"Over the long run it will effect us as company just in volume alone."

This means less jobs, more signs, and less buyers.

Carlson says, "It will affect us long term because there will be less money coming in. Less people wanting to move within the area."

This comes at a time when the housing market had a great year; the best in the previous five.

"We saw the most increases, in homes, in volume, and in appreciation," says Carlson.

Both realtors are concerned for their business, but also for the community they call home.

Coster says, "If we don't keep these jobs here ... rock island is going to be in big trouble."

If people aren't bringing in a paycheck, they don't have money to pay the bills, creating the possibility for a spike in home foreclosures.

The question left unanswered is if the workers lose their jobs, will they seek work in other communities.

Moreover, will they take what money they have left with them?

 

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