Latest Unemployment Numbers
According to the Labor Department, the U.S. economy shed 598,000 jobs in December. What does that mean for the housing market? In a nutshell: 598,000 fewer home buyers.
Statistically, you’d guess that a least a couple thousand of those laid off in December were at various stages of buying a home.
That means their Sellers are going to have to deal with busted transactions, and putting their homes back on the market. (As anyone who’s applied for a loan knows, continued employment is the major pre-closing lender contingency.)