New jobs might not signify housing market recovery
Although the slight increase of nationwide jobs in 2010 may have some believing there is light at the end of the tunnel, the president of Local Market Monitor said this might not directly indicate an end to the real estate market recession. “All markets are not created equal,” said Ingo Winzer, president of the Cary, N.C.-based home-price forecasting firm, in an economic commentary on Friday. During 2010, there was a 1% increase in jobs, compared to the 3% decrease in 2009. But individual markets saw significant gains or losses. Odessa, Texas, for example, had a 5% increase in jobs last year, but Yuma, Ariz., had a 4% decrease. U.S. markets with strong job growth include Bethesda, Md.; Dallas, Raleigh, N.C.; Washington, D.C.; Nashville, Tenn.; Orlando, Fla.; Pittsburgh, Penn.; Milwaukee and San Jose, Calif. “Not surprisingly, home prices have bottomed out in the markets with strong job growth, with the large exception of Orlando, and we expect modest price increases in the next year,” Winzer said. Some major markets with continuing job losses include Sacramento, Calif.; Tucson, Ariz.; Camden and Newark, N.J.; Memphis, Tenn.; and Las Vegas. Nationwide, the U.S. economy added 216,000 nonfarm payroll jobs in March and unemployment inched down to 8.8%, the Bureau of Labor Statistics said Friday. Write to Shaina Zucker.