The housing market was once known as the biggest money making industry in the United States. Housing, which was the way our economy made the majority of their money, is now contributing less to the economic expansion. The decline in the housing market has raised many concerns throughout the entire country. This paper provides statistics on the United States population housing market, economy, demographical characteristics, demographical area and the large amount vacant property. Included in this research document are analysis of data sets, charts and graph to help interpret the housing crisis. Research Problem
The purpose of this research is to determine why the housing market is in a downfall and if there is a way to get homeowners to see the value of their property. Many question the reason of the downfall and who does it affect. The one thing we know for sure is that the economic recession has left a big mark on society in the real estate industry. Descriptive statistics
The measures of central tendency can be measured by arithmetic mean, median and mode. The most common of the three is the arithmetic mean. Since the United States population has over one million people data collected from a large population can result in a 95% confidence level. Based on a survey done in the United States, at least three homeowner out of 1,000 are losing their homes to foreclosure. The arithmetic mean is a list of numbers which is the sum of all the members divided by the numbers on the list, we take the 1,000 homeowners divided by the approximate homeowners that are loosing their home to give us the statistical population. The median is more commonly used in situations when the mean would be influenced by extremely small and large data values. Data analysis and graphs
The median will show the frequency of the sales prices gradually increase from approximately the $80,000 range until the $250,000 to $300,000 range and then levels off. This indicates a decrease in...
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Butterfield, Ethan. (2008). Housing Market Index Drops One Point. Builder.
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Source: Census Bureau. (April 29, 2007). Vacant Homes Stacking Up Around the Nation. Housing Doom. Retrieved. November 9, 2008 from World Wide Web.
Available: http://housing doom.com/2007/04/29/vacant-homes-stacking-up
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