Oct. Case-Shiller Numbers:
Down 18% from ’07
“People who think they’re going to lose their job don’t buy a home”
–Steven Ricchiuto, chief economist at Mizuho Securities; NY Times (12/30/08)
There’s not much mystery about the most recent leg down in the national housing market: recessions destroy jobs, and people who are unemployed — or worry they may soon be — don’t make major purchases.
For most people, there’s no bigger financial commitment than buying a home.
