Will High Oil Prices Effect The Housing Recovery?

With gasoline prices jumping higher and higher every day, Americans are feeling the pinch in their wallets. As we near the Holiday season, consumers may hold back on purchases in order to pay for Heating and Transportation expenses. This pull back on spending will just add to the already slowing economy.

Consumers are already getting the squeeze from falling home values and rising mortgage payments. With the cost of oil rising, this will also effect businesses that rely on oil to produce or ship their products resulting in higher cost of goods. Higher oil prices will also take a toll on homeowners who rely on oil to heat their homes. Economist fear that if prices continue to rise that it might just be the final blow in the economy to send it into recession.

Homeowners here in Central Florida are feeling the pinch as well. As a tourist destination, higher fuel prices tend to keep vacationers from traveling. With fewer tourist, our local economy will feel the effects throughout the region. A mild winter will be a blessing for all homeowners. Lets hope that prices stabilize and the effects are minimal to the economy.