The Real Deal Miami

Weak U.S. employment spells bad news for housing market

April 04, 2011 12:40PM

A 1 percent climb in new jobs nationwide last year won’t be enough to boost the lethargic housing market, according to a report from Local Market Monitor, a home price forecasting firm. The negligible boost in new jobs won’t be enough to make up from 2009’s 3 percent job loss, the report says, spelling bad news for the housing market, which many experts agree is largely dependent on employment. This news comes on the heels of a negative U.S. housing market report from Case-Shiller late last month, which showed that January housing prices are down 3 percent from the same month a year earlier. [Housing Wire]