New information from the Census Bureau highlights the continuing impact of the housing bust and unemployment on U.S. migration, after earlier signs that mobility was back on the upswing.
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Hispanic families suffer more than most, the researchers found, mostly because the housing bust that accompanied the recession hit hardest in the places where they tend to live. "The reason for the serious hit to Hispanics’ home equity is that the housing downturn had a distinct geographic pattern, with Nevada, Florida, Arizona and California experiencing the sharpest declines," the researchers explain.
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14 states that still haven’t fully recovered from the housing crash. mar. american households lost trillion in net worth because of the housing and credit crisis of the late 2000s, according to CoreLogic. Since then, there’s been a long and slow slog to recovery.
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"A decade after the financial crisis it’s clear that, just as the bust was felt very differently across the country, so has the recovery. Looking back, the housing bust was a rare historical moment when housing markets across the country moved in sync," said Zillow Senior Economist Aaron Terrazas.
Even beyond the housing-bust states, an already shaky economic recovery has shown troubling signs of weakening. The national unemployment rate notched up to 9.1 percent , the Labor Department.
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Why have many of the local housing markets that were hit hardest during the bust – especially in California. Judicial states, on the other hand, tend to be still struggling with homes flowing out.
Florida was leveled by the housing bust, but now is back on top. One of the problems for New Orleans' economy 12 years after Hurricane Katrina. Population there is still 18% below pre-storm levels.. But there are pockets of Florida's economy that are struggling, particularly the signature citrus industry.
The housing reports are comprehensive assessments and predictions of US Housing markets drawing insight from NAR, CAR, Corelogic, Wall Street Journal, Freddie Mac, tradingeconomics, statista, and more industry sources. These 13 factors will shape the housing market. check out the latest US stats, and discover when you should buy or sell.
A Decade After Housing Bust, Recovery is a Story of Location A Handful of Powerful Markets Lead the Nation’s Recovery, But Millions of Homeowners Are Still Waiting to Regain Lost Value — The median home value nationwide is 8.7 percent higher than it was at the height of the housing bubble.