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By EmploymentCrossing.com
Housing Market Affects Job Market
By EmploymentCrossing.com
A collapse in the housing market has caused stock numbers to plummet.
A worse-than-projected drop of 2.6% in home sales, as reported by the National Association of Realtors, saw equally lower-than-usual stock prices.
The Dow dropped 2.4%, the worst in a month and the fifth-worst decrease in a year, while NASDAQ numbers fell off nearly two percent.
Tied together to the housing market, the job market feels ill effects at the same time.
As the median price of homes dropped six percent since 2007, the national unemployment rate was reported at 5.5%. The US Labor Department projects that number will rise to six percent by the end of the year. Meanwhile, the number of new unemployment claims passed 400,000 for the week as companies continue to make cutbacks.
The nation’s largest financial firms reported $467 billion in credit losses and write-downs as the collapse of the mortgage market brought on a spike in loan defaults.
Employers are cutting back on jobs and banks are hesitating to lend money with home prices dropping and foreclosures on the rise.
Economist Richard Yamarone of the Argus Research Group sums up the situation precisely. “If you don’t have a job or are concerned about keeping your job, you are not going to rush out to buy anything -- let alone a home.”
For more information on real estate jobs in your area, click here.
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