That’s today’s headline on CNN.com, just days after the New York Times wrote an in depth feature about the housing slump and its impact on seniors trying to raise money for a move into assisted living. The S&P Case Schiller Home Price Index recorded a record drop in home prices in the third quarter of this year (during the summer months before the economic crisis really kicked in). Home prices have shrunk back to 2004 levels wiping out home equity gains from almost the last…
Senior Care Blog
Impact of the Home Value Slump on Assisted Living Industry
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The New York Times correctly identified a critical problem that will only grow for both seniors and the Assisted Living industry: the virtual collapse of the U.S. housing market. The drop in home values and the difficulty sellers are having finding buyers is severely hampering the ability of seniors and their families trying to raise enough money to be able to move into assisted living homes. In June, 2008 the National Association of Home Builders released a report showing almost $500 billion in home equity…
Assisted Living, Economic CrisisRecent Reports of Concern for Seniors
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In the last month two reports came out that should be of concern to seniors and their families. Just this past week the Federal Reserve released their economic projections through 2009 anticipating Gross Domestic Product (GDP) for the U.S. may contract by as much as a full percentage point. We are watching what the Secretary of the Treasury recently described as a “once in a Century” tumult in the U.S. economy. The impact on unemployment could be alarming with the unemployment rate of 4.5% last…
Long Term Care Cost, Senior IssuesSeniors Face Retirement Funding Crisis
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The impact of this economy on seniors and their families has been particularly difficult. Housing values are down significantly and the time it takes to sell a home is now measured in months instead of weeks. Income from retirement accounts and investments have been reduced in many cases by half or more due to the volatile stock market. For those now facing decisions about retirement and possible moves into senior housing, assisted living and long term care the impact of the economic crisis has been…
Cost of Care, Retirement Funding