Giving the recession a visual representationby Tim Manni
Unemployment’s influence on the struggling housing market is one connection that’s easily equated. Homebuyers need to feel absolutely confident that their income stream isn’t going to alter or falter before they make what’s likely to be the biggest transaction of their lives.
Today’s existing-home sales numbers were absolutely dismal. According to the National Association of Realtors (NAR), existing-home sales fell 27.2 percent in July from the month prior:
Sales are at the lowest level since the total existing-home sales series launched in 1999, and single family sales – accounting for the bulk of transactions – are at the lowest level since May of 1995.
I came across an interactive graphic today (hat tip: Housing Wire) that shows the month-by-month change in unemployment across every county in the entire country from January 2007 until May 2010. Knowing the influence jobs, or the lack there of, have on the housing market, it’s no wonder that the downturn in housing has been so profound and so prolonged.
The graphic is from American Observer, and you have to check it out. CLICK HERE to view what Housing Wire calls a “vivid representation” of the nation’s change in unemployment from one year prior to the recession until late-spring of this year.