It Is Hard to Buy a House if You Don't Have a Job
One of the biggest challenges to a housing recovery is the current rate of unemployment. It is obvious that a person without a job can’t get a mortgage. An additional impact is that many people who are currently employed are afraid to commit to buying a home because of the uncertainty of the job they do have.
It is easy to understand their concern when you read the Bureau of Labor Statistics news release on 2009 unemployment which was released March 3. In the report, it was stated:
All 50 states and the District of Columbia posted statistically significant unemployment rate increases in 2009.
If we look at the unemployment rate by county over the last four years, we see a very unsettling story. Below is a visual depiction of the increase. The darker the area the higher the unemployment rate.
