Job Market Critical to Continued Housing Recovery

According to a new release by the Joint Center for Housing Studies at Harvard University, the job market will play a critical part to any housing recovery. “If history is a guide, what happens with jobs will matter the most to the strength of the housing rebound,” says Eric S. Belsky, Executive Director of the Joint Center for Housing Studies.

Despite substantial pressures still on the housing market due to foreclosures, the Joint Center for Housing Studies believes the low interest rates and recovering labor markets should shore up housing sales and new starts, after experiencing a dip with the expiration of the government’s tax credit program. Another promising sign from this release is the anticipated population influx through immigration which is anticipated to reach up to 15 million people in the next 10 years according to the Census Bureau. This demographic change should lift household growth and spur increased construction and sales. The Joint Center for Housing Studies does temper its report by saying even with a recovery the housing market and many homeowners will still feel the impact of recent price decreases with a slower move towards positive equity.

Stephen Woodall

REALTOR, GRI @ Long Realty Company

Stephen has made real estate his full-time career and passion since 2008, primarily specializing in the Foothills & the Northwest Tucson areas of Oro Valley and Marana. He is a multi-million dollar producer, representing both sellers & buyers. Stephen has tremendous experience in new home sales, listing & selling primary residences, listing & selling vacant land, listing & selling luxury homes, investment properties, rentals, and real estate development parcels.