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Tag Archives: Unemployment

Markets Squeeze Banks, Homebuilding Companies

The Dow Jones Industrial Average swept clean Tuesday's historic gains with a 519.83-point nosedive Wednesday, reflecting widespread fears about contagious European debt, the impact of Standard & Poor's downgrades, and an economic slowdown worldwide. Signaling further distress for housing markets, banks with thick mortgage portfolios and homebuilding companies saw their stocks tumble in an investor stampede for the exits. Following the Dow closely, the Nasdaq and S&P 500 plunged 101.47 points and 51.77 points, respectively.

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Housing Sectors Add Few New Hires in July

Fresh on the heels of a 512-point nosedive by the Dow Jones Industrial Average, the U.S. economy added 117,000 jobs over July, beating less ideal estimates and soothing markets anxious about a recession repeat. The number of unemployed people and the unemployment rate moved ever so slightly over July, as joblessness hovered at 13.9 million nationally and the latter continued at 9.1 percent. The total labor force stayed somewhat static at 153.2 million last month, according to the Bureau of Labor Statistics. The number of unemployed people dipped.

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Economists Fear Housing Double-Dip Underway

Citing dips in home sales, purchases, and low job growth, some economists say housing is already in a double-dip recession, with reprieve still off for another two years - this despite a last-minute debt deal.

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Federal Office Closure Could Harm Atlanta Real Estate

A report published by turnaround management firm Anderson Bauman Tourtellot Vos found that a recent move by the Obama administration to clear office space in Atlanta could strangle the city's still-recovering commercial real estate sector, potentially throwing back markets in a state with the fifth-largest amount of government real estate outside of Washington, D.C. The firm fears that a reduction in government-owned property will also crimp employment.

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Weak Jobs Report Hangs Over Housing Markets

Job growth slammed into a wall last month, with employment figures dropping and the number of jobless rising a grim indication that the housing markets may lose steam. According to Census data, the economy added only 18,000 new jobs in June, falling short of expectations that data would trump the 25,000 jobs brought on in May. Numbers for job loss in April and May also hit 9.2 percent and 9.1 percent, with economists saying that the market still needs a net gain of about 150,000 jobs.

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Homes Sales Fall in Massachusetts

Home sales in Massachusetts fell by more than 25 percent over May in comparison with rates from the same month last year, while home prices shot up, interrupting a five-month-long trend, according to The Warren Group.

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The Economic Link: Job Creation = Home Price Increases

The health of the labor market has a far-reaching impact on many areas of housing. When the economy is growing and the number of employed rises, so do home sales and mortgage originations. According to the research firm Hanley Wood Market Intelligence, there's also a definitive link between employment and home prices. The firm's analysts examined metro area job data juxtaposed with price trends for new homes, and their conclusions illustrate that jobs and housing "are joined at the hip."

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