The recovery made only slow advances in October and was still skirting most major population areas in the U.S., according to new readings of the Adversity Index from Moody’s Economy.com and msnbc.com. Nearly one in three metro areas have started to recover, but virtually none of the nation’s biggest cities. (The full list is below.) One likely reason is that the nascent economic recovery started in the nation’s midsection, from south to north, a part of the country that has relatively few big cities. The oil and gas industry has helped states from Texas up through the Great Plains. Heavily urbanized states such as New York and California were among the hardest hit in the recession and are proving slower to recover. Areas with the largest runup in home prices have been the slowest to recover, economists say, particularly Nevada and Florida.
Big cities are still waiting for economic recovery
Most Popular Articles
Latest Articles
Labor market report is good news for mortgage rates
Friday’s jobs report came in as a miss of estimates and wage growth came in lower than expected, which is good news for mortgage rates.
-
Virginia Realtors: Zillow’s touring agreement may not be legal
-
Low inventory creates challenging conditions in North Carolina’s housing market
-
Tri-state area housing shortage could cost the region economically
-
Remote reverse mortgage counseling now permanently permitted in Massachusetts
-
NAR settlement terms slated to go into effect in mid-August