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- Reducing unemployment is important for a housing recovery. Nationally the unemployment rates fell from 9.1% in December of 2011 to 8.3% in December of 2012 and the impact was widespread with all but 17 of the 163 markets tracked by NAR experiencing an improvement.
- However, the markets with the largest absolute reductions in their unemployment rates might surprise you. All 10 of the markets with the strongest decline in the unemployment rate were hard hit by the subprime crisis and subsequent market correction. All but two of these markets were in Florida.
- However, the unemployment rate in most of these markets remained very high as of December, so that the percentage decline in the unemployment rate over the 12-month period ending in December was small with one notable exception. The unemployment rate in Farmington, New Mexico fell 2.4 percentage points from 8.9% to 6.5%, which was a 36.9% decline, the strongest of all the markets monitored.
- Boston experienced a 25.9% decline in its unemployment rate from 6.8% to 5.4% over this same time period, the strongest improvement for a large metro area. Boston was one of the first large metro areas outside of the subprime hotspots to enter the housing recession, but with recent employment improvements, Boston could be one of the first large markets to expand.
- To view the latest Local market Reports, click here.
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