Could The Job Market Be On The Up Swing?

According to Freddie Mac, they just released their U.S. Economic and Housing Market Outlook for May. It shows a pick-up in economic growth in the second half of 2011, but with unemployment lingering above 8 percent through year-end. A large number of workers unemployed for a long period remains the predominant force behind seriously delinquent rates on mortgages.

Outlook Highlights

  • Over 250,000 new jobs needed monthly, on a sustained basis, to reabsorb all the jobs lost since the recession.
  • The rate of seriously delinquent mortgages (8.6 percent average) will likely trend lower during 2011, but continue to remain at extraordinarily high levels for an extended period.
  • During the first quarter of 2011, home prices decreased by 2.8 percent nationwide.
  • Positive signs: homebuyer affordability remains extraordinarily high, mortgage rates low, house prices are well off their cyclic peak and contract signings for existing home sales are up.
  • Projecting a 5 percent increase in 2011 home sales over 2010, on a calendar year basis.

According to Frank Nothaft, vice president and chief economist for Freddie Mac, “While the labor market is moving in the right direction, it still has a long way to go before the unemployment rate moves sharply lower. And ditto for seriously delinquent rates on mortgages.”

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About thekeytoyourheart

I am a Licensed Real Estate Agent I Sunny Southern California. I am happy to be of service. I am here to answer any questions you may have about the process. After I bought and sold my home I decided I wanted to make the process of buying a home a pleasant and seamless experience for first time buyers and those new to the market. I am dedicated to do whatever it takes to hand you the KEY To Your Heart!!! Oh, and by the way, Referrals are the highest compliments I can receive! Please remember to refer me to your friends, family, and coworkers. Thank you for your trust in me... Marcela A Acosta ~ Realtor DRE# 01895209 Office: 866-748-4298 Mobile: 818.915.0950 Marcelaacosta@firstteam.com www.marcelacosta.valleyhomesnow.com www.facebook.com/marcelaannacosta
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