Higher unemployment and the housing market

Higher unemployment obviously has a negative effect on housing in Chesapeake. Job losses prevent twentysomethings from finding their first jobs. As they find jobs the baby boomer parents are thrown out of their jobs. It throws them into a job market that's unreceptive to both younger unskilled people and older workers alike. Unemployment prevents otherwise well-qualified people from buying homesand pushes more homeowners into foreclosure. It keeps prospective home buyers who feel insecure about their paychecks on the fence. The real estate sector, which has lost plenty of jobs in construction, brokerage, lending and affiliated businesses, could shrink further.

The bottom line is that jobs are once again an issue of great importance to real estate in Chesapeake. People whose businesses and livelihoods depend on housing would do well to pay attention to the trends.

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