The Best Jobs Report in Two Years… so what about South Lake Tahoe?

November 24th, 2010 categories: Buyers Report, For Buyers, For Sellers, Interest Rates, Lake Tahoe NV Statistics, Lake Tahoe Real Estate, South Lake Tahoe Statistics, South Lake Tahoe, CA, Stateline, NV

Best Jobs REport in Two Years

Is this that point of a healthy US jobs market return? How does this effect South Lake Tahoe home buyers?

Ok, we admit we have an agenda behind reporting a good jobs report. It's good for all of us, especially here in South Lake Tahoe, and as we've much reported previously there will be little more than the status quo in the US housing market until there is health in the US jobs market.

As this report might effect those who are considering buying a South Lake Tahoe home, consider that we will not see meaningful growth in terms of price until there is a change in the US jobs market. When this happens, and it will happen gradually, it is reasonable to expect that mortgage interest rates will also start to climb.

Home prices in South Lake Tahoe are still low; there is no current sign of price growth, and interest rates are still near historic lows.

Last month, in a report here, we found that the mortgage interest rates were as low as 4.15%. Last Wednesday we checked that same number again, only to find it at 4.37%.

This jobs report, being the most positive since 2008, is not necessarily a point where we will look back years from now and cite this as the exact point of change back to a healthy US jobs climate, but it could be. More likely it will be seen as part of that gradual return we all know will eventually come.

The point is, and this is certainly possible, we could all look back years from now and say, you know, I should have bought back in 2010 before the recovery returned in earnest.

CNNMoney.comHere's a few bullet points from last Wednesday's CNNMoney.com article:

  • the number of Americans filing for their first week of unemployment benefits sunk to its lowest level in more than two years.
  • this far better than economists had expected.
  • Economists usually say the number needs to drop below 400,000 before the unemployment rate can drop significantly.

Full article here.

Previous Lake Tahoe Real Estate Blog series on mortgage rates and the current buying climate:

Oct 26, 2010: Part 1, Mortgage Interest Rates Then and Now
Oct 27, 2010: Part 2, Monthly Mortgage Payments Then and Now
Oct 28, 2010: Part 3, The $300,000 South Lake Tahoe House Then and Now
Oct 31, 2010: Part 4, It is a Good Time to Buy a South Lake Tahoe house now

Previous Lake Tahoe Real Estate Blog posts:

Jun 26, 2010: The cheapest mortgage interest rates in a half century
Jun 18, 2010, Are We Seeing Any Change in South Lake Tahoe Home Values
Jun 17, 2010, South Lake Tahoe, CA 2010 Housing Demand
Apr 27, 2010, Can You Still Get a 5% Mortgage?
Apr 12, 2010: Does interest rate shopping effect your FICO score?
Apr 10, 2010: An Interest in Interest Rates
Apr 9, 2010: Thoughts on South Lake Tahoe New Home Sales

This entry was posted on Wednesday, November 24th, 2010 at 2:34 pm and is filed under Buyers Report, For Buyers, For Sellers, Interest Rates, Lake Tahoe NV Statistics, Lake Tahoe Real Estate, South Lake Tahoe Statistics, South Lake Tahoe, CA, Stateline, NV. 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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