What Housing Market Is Most Affected By Unemployment?

May 16, 2019

While home prices across the country may be trickling up, experts are still expecting a less than two percent depreciation in the next year. Though, there are some states still struggling with home price declines and one in particular is feeling the extra pressure from its unemployment numbers.

 

Eric Fox, VP of Statistical and Economic Modeling at Veros Real Estate Solutions recently contributed an article to HousingWire's Pulse series, revealing why Louisiana's unemployment numbers are affecting home prices across the state. 

 

"With five of its nine MSAs in the bottom 10 this quarter, Louisiana effectively has a statewide concern, although the larger coastal markets of Lake Charles, Houma-Thibodaux and New Orleans-Metairie are not projected to depreciate," according to Fox.

 

"A report published by LSU’s Economics & Policy Research Group reveals that the recession did not end in that state until late 2017 and that it cost the state more than 23,000 jobs."

 

In his report, Fox cited the "Bottom 10" MSAs, including five in Louisiana of which reside in the top six of the list in terms of highest projected depreciation. 

 

To learn more about Louisiana's struggles in home price depreciation and the role that unemployment plays, click on the image above

 

 

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