Impact of Foreclosed Bank and Handyman Specials Not As Much in Nebraska

Nebraska has its own share of foreclosed properties, including handyman specials, but the state did not feel the impact of the foreclosure crisis as much as most U.S. states. Although foreclosures are also part of the state's housing market realities, its residential property industry has remained relatively stable since the start of the crisis around five years ago.

Omaha foreclosures and distressed properties in the rest of the state are also concerns for Nebraska's housing industry. However, the number of foreclosures in the region has remained low compared with foreclosure hotbed states like Nevada, Arizona, and Florida. According to economists, the foreclosure crisis was further aggravated in these areas by a surge in unemployment rates.

This is another advantage that Nebraska has over other regions, local economists have asserted. Aside from Nebraska foreclosures being lower than in other parts of the U.S., majority of industries in the state are those that were not directly hit by the foreclosure crisis. In a nationwide ranking of the most economically stressed states in the country, areas that rely heavily on real estate, hotel, and food service industries posted the highest increases in economic stress.

This is because such industries took the brunt of the impact of massive foreclosures and cheap homes like handyman specials. When the housing market tanked, these industries declined along with housing. These are also areas that have lost a lot of jobs, thereby creating more homeowners who are unable to meet their monthly loan obligations.

On the other hand, areas like Nebraska, North Dakota, and South Dakota have majority of their workers employed in sectors that are not directly associated with real estate and were therefore able to avoid the worst of the houses in foreclosure problem. Nebraska's workers are mostly involved in wholesale businesses, insurance, transportation, support sectors and financial services industries.

Although foreclosed properties, including handyman specials, will remain a concern for the state this 2011, most local economists are optimistic that Nebraska will be able to recover faster from the effects of the recession than other U.S. regions. They added that they expect its housing and job market sectors to remain relatively healthy for the rest of the year.