Changes

The construction of new housing and commercial buildings has fallen off; many commercial buildings and shopping centers have high vacancy rates and may be hard pressed to pay their debts. Housing prices continue low--falling from an average of $255,000 to $180,000, as millions of empty houses are a drag on the market.  Indeed much of the housing activity in 2009 involved sales of foreclosed properties at distress prices.

The construction of new housing and commercial buildings has fallen off; many commercial buildings and shopping centers have high vacancy rates and may be hard pressed to pay their debts. Housing prices continue low--falling from an average of $255,000 to $180,000, as millions of empty houses are a drag on the market.  Indeed much of the housing activity in 2009 involved sales of foreclosed properties at distress prices.

[[Image:U-2009-2.jpg|thumb|275px|left]]

[[Image:U-2009-2.jpg|thumb|275px|right]]

 

===Auto sector===

===Auto sector===

The automobile industry was in desperate crisis, with General Motors and Chrysler, and numerous parts suppliers, on the verge of bankruptcy.  Ford was in better shape as were the "transplants" like Toyota and Honda that have factories in the U.S. If GM were to shut down, many parts suppliers also would shut, forcing the end of most of GM's North American auto production. Autos would still be imported, though at higher than former prices.  GM and Chrysler were given $17 billion TARP funds in December on condition they present a turnaround plan by Feb. 17, 2009. In its plan GM asked for access to an additional $16.6 billion in federal aid. GM also said it would close 14 U.S. plants, and cut 47,000 global hourly, salaried jobs, and revoke dealerships.  Bankruptcy, GM claimed, could cost the federal government the loss of tax revenue and the loss of 1.3 million jobs across the US, as plants and dealers close down operation.<ref>. For the GM plan see [http://www.treas.gov/initiatives/eesa/agreements/auto-reports/GMRestructuringPlan.pdf GM Plan of Feb 17, 2009]</ref>  

The automobile industry was in desperate crisis, with General Motors and Chrysler, and numerous parts suppliers, on the verge of bankruptcy.  Ford was in better shape as were the "transplants" like Toyota and Honda that have factories in the U.S. If GM were to shut down, many parts suppliers also would shut, forcing the end of most of GM's North American auto production. Autos would still be imported, though at higher than former prices.  GM and Chrysler were given $17 billion TARP funds in December on condition they present a turnaround plan by Feb. 17, 2009. In its plan GM asked for access to an additional $16.6 billion in federal aid. GM also said it would close 14 U.S. plants, and cut 47,000 global hourly, salaried jobs, and revoke dealerships.  Bankruptcy, GM claimed, could cost the federal government the loss of tax revenue and the loss of 1.3 million jobs across the US, as plants and dealers close down operation.<ref>. For the GM plan see [http://www.treas.gov/initiatives/eesa/agreements/auto-reports/GMRestructuringPlan.pdf GM Plan of Feb 17, 2009]</ref>