Jobs and Georgetown Housing
Thankfully we live in one of the most stable parts of the world with regard to jobs. That is one of the things which has kept us moving forward in the housing market in general. But the national drag on real estate has been significant as a result of job losses. That, in turn keeps a lid on our Georgetown market. We aren't "hurting" as in the quote below, but it reinforces the concept that while all real estate is local, we are connected globally.
"....many analysts are now predicting that employment won’t revive significantly until 2011. This doesn’t bode well for the immediate recovery of the housing market. "If you're looking for a silver lining in housing, you aren't going to find it here," Mike Larson of Weiss Research said in a report.
"The overall economy is rolling over, consumer confidence is slumping, and, most importantly, we just aren't creating jobs," Larson added. "With so many Americans unemployed or underemployed, the housing market is going to keep hurting."
Source: U.S. News & World Report, Luke Mullins (07/01/2010)