The Real Deal Miami

Jobs are key to fixing housing market: experts

August 27, 2010 04:30PM

As the 30-year fixed-rate mortgage continues to slide, interest rates are not going lower and the housing market is still shaky, said Stan Humphries, chief economist at Zillow, in the Fox Business video above. The main problem is unemployment, which is leading to foreclosures, said Craig Jarrell from Texas-based Iberiabank Mortgage. “It doesn’t matter how low the rate is, if you don’t have a job, you can’t buy a house, and if you can’t sell your house, you can’t buy a house,” Jarrell said. Another tax credit would “be a waste of money,” Humphries added, and would not help the situation. He predicts that the housing market will clear up on its own, “through a natural process.”