Jobs, Jobs, Jobs – it’s all about Jobs….
by Tom on June 18, 2009
in Market Musings, house prices
And I’m not talking about just Steve Jobs…..
We’ve talked numerous times over the time of this mess that until we get the job market to return to a growth pattern, we aren’t going to be able to see a true recovery in the housing market.
If the people at IHS Global Insight are accurate (and I believe they are – at least for my geographic area), it’s going to be a long slow slog back for the housing market.
If the housing market is tied to jobs market and the jobs market isn’t going to return to “pre-recession” levels until 2012 or beyond, then the estimates about housing inventories and housing prices turning around next year might very well be significantly too optimistic.
Stay tuned,
Tom Vanderwell
Interactive: When will the nation’s job markets return to normal? – Sacramento News
While signs indicate that the worst of the recession may be over, only six metropolitan areas across the country are expected to regain their pre-recession employment levels by the end of 2009, according to projections from IHS Global Insight, a leading economic forecaster. Most of the country – 286 of 325 metro areas covered in the IHS analysis – aren’t likely to regain their pre-recession employment levels until at least 2012.
In this financial crunch getting a job is really tough. Actually millions of people has lost their jobs.