Employment is important for making a home purchase and job loss is one of the main triggers of foreclosure. Rising employment helps to build consumer confidence and to ameliorate distress among homeowners.
Over the 12-month period ending in October, North Dakota experienced one of the strongest increases in employment driven by a boom in gas exploration. However, gains were also experienced in the Southeast, Spartanburg and Florence, as well as in the West.
Markets in Texas weathered both the economic and housing storm well and continue to do so as evidence by strong 12-month gains in Abilene, Austin and Houston.
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Ken Fears is the Manager of Regional Economics and Housing Finance Policy. He focuses on regional and local market trends found in the Local Market Reports and the Market Watch Reports . He also writes on developments in the mortgage industry and foreclosures.