The Real Deal Miami

With housing data grim, economists say unemployment critical factor

July 01, 2010 04:15PM

Lawrence Yun

In the wake of a glut of pessimistic nationwide housing reports, some industry experts say that the economy could be hitting some speed bumps on its road to recovery, according to the New York Times. The downturn in the housing market, however, is only one piece of the puzzle. Unemployment data, set to be released tomorrow, could underscore — or contradict — the negative pattern the housing market has established, according to Lawrence Yun, chief economist with the National Association of Realtors. “The key test on whether the housing market can stand on its own without stimulus medicine will depend critically on private sector job creation in the second half of the year,” Yun said. [NYT]