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Have we talked about Jobs yet?

November 4th, 2009 categories: For Buyers, For Sellers, Interest Rates, Lake Tahoe Real Estate, National real estate news

CNNMoney.comPace of U.S, job losses slows

As you know we’re constantly talking about jobs as the key to economic recovery. More important to us, and to you as it relates to housing, job loss is directly related to the incidence of distressed properties here in South Lake Tahoe (and nationally too, of course).

What’s good about the current climate is that it’s a great advantage for buyers. That is the silver lining in this cloud. We’re still seeing declines in our median sold price (here), and with interest rates as low as they are, coupled with abundant supply, there are great deals to be had. And a lot of them!

Here’s the key bullet points found in today’s CNNMoney.com article about the U.S. jobs market:

  • The nation’s employment picture continues to deteriorate, although the rate of decline continued to slow.
  • This is the seventh month in a row that the number of job cuts fell from the month before.
  • While the job market has shown some signs of improvement, employers will continue to reduce payrolls for the next few months.
  • Payrolls will continue to decline through the end of the year before modest job growth resumes in the first few months of 2010.
  • The jobless rate, which stands at 9.8% nationwide, will peak above 10% sometime next year.
  • The continued decline in job cutting activity across most industries is a positive sign that the economy is slowly improving.
  • It appears that the light at the end of the tunnel is visible, but it is important to realize that it is going to be a long and sometimes painful recovery.
  • Once the economy does turn around, job gains will not come nearly as quickly as the job losses occurred.

(full article here)

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This entry was posted on Wednesday, November 4th, 2009 at 9:51 am and is filed under For Buyers, For Sellers, Interest Rates, Lake Tahoe Real Estate, National real estate news. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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