Many industries and local businesses are suffering indirectly because of the national recession. The housing market and stock market have been some of the most talked about issues, while the banking and loan business trails a close second. Many major U.S. owned businesses, that employ millions of Americans, are also being affected by the recent decline in these important industries.
Experts will concur that the housing market has taken a tremendous hit, and the housing in Phoenix, AZ sits at the center of this issue. Loan applicants are quickly finding out that their home is valued at tens of thousands of dollars less than what it was just twenty four months before. Bank repossessions are up 150%, and there are some cases of owners simply leaving negative equity homes.
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For those Americans who are not affected by unemployment, housing market decline, and stock market woes - they quickly find out they are incorrect. By keeping their finances out of the stock market, many investors desire to keep their money in their homes. This home improvement loan generally comes from a local bank, credit union, or credit agency. As of lately, most "would-be" buyers have not had these financing programs available for many home improvements, swimming pools, or landscape projects.
Since up to 70 % of swimming pool customers require financial assistance or loans, Phoenix swimming pool builders have been one of the hardest hit businesses. Without the aid of financial loans, these buyers are either unable to purchase a pool and spa, or end up purchasing a much smaller, less-expensive pool. Arizona pool companies have struggled tremendously with the downswing in the economy and lack of financing - sometimes even closing their doors, down-sizing, or diversifying into other venues. By offering a wider range of construction services, such as pool remodels, landscaping, and hardscaping, Intelligent pool companies are generating extra money. Some general contracting companies and home remodelers have switched entire industries, trying their hand at completely different venues of work. A few Arizona Landscape companies are expanding into building of hardscapes, such as outdoor kitchens, barbecues, fireplaces, and paver patios.
Some Arizona pool and Phoenix Landscaping contractors have figured out the technique of offering many assorted services to customers years ago. By doing so, these contractors have been able to offer customers many different options and services in the home improvement industry because of their diversity as a Phoenix pool builder, general contractor, and landscaping contractor. "My company has been able to make things work despite these tough times, luckily we diversified a few years prior, and have many different aspects of swimming pools and landscape services to offer our clients. However, the major challenges have been the simple fact that these financing programs are just not available to the average homeowner." claims one Phoenix landscape and pool builder.
"It's tough to think about all the money that was given to banks just a few months ago for these loans, and now it's challenging for our homeowners, who want to spend money, to get this money" claims another Arizona pool company representative. It would be great for the economists to offer a little advice for the struggling construction companies, who are also suffering in this recession. "Pool financing is getting better" remarks this pool sales rep, "I can't quite see the end of the tunnel, but I can faintly see the light".
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