ITS EMPLOYMENT, STUPID.Though interest rates are still low as we move toward the middle of January, the volume of loan originations are down significantly from December 2009. The uncertainty in the economy and the dyslexic movement in the debt and equity markets (i.e. down a bit one day and up the next) are slowing the pace of purchases. Traditionally, the slowest purchase times are from early January through mid-February so it is hard to draw any conclusions from this yet. However, it is certainly not a sign that the real estate market is poised for a recovery. As I noted in prior posts it will be jobs and job stability that bring the real estate market back. To modify a popular phrase from the Clinton Era (i.e. “It is the Economy, Stupid), “It is Employment, Stupid.”


One response to this post.

  1. Posted by jamie selling on January 13, 2010 at 2:25 am

    to follow up on dan’s comment, and as an owner of a staffing agency (temp/perm) for nearly 21 years (with a career encompassing 28 years in this industry)… i do not see any changes in the job market thus far, in northern new jersey. so many capable and qualified individuals are struggling to just make ends meet. forever the optimist, hopefully we will see an uptick in the need for temps in the not so distant future!


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