Jobs and Housing - Chicken and Egg?
I've heard the debate before over housing and jobs and which one will spark the other. So I ask myself two questions: First, can jobs get better without an improvement in housing? Second, can housing get better without an improvement in jobs?
So jobs don't just centralize around housing. Granted many housing related jobs have been lost, but I would think that we could still see some improvement in employment even while house prices stay depressed. One the other side of the coin, I don't see the same dynamic with housing. In other words, you need a job to buy a house (even then it's not a given). If unemployment stays high, housing doesn't have a chance.
So I think that we'll need to see or will see improvement in employment which will help lead to improvement in housing over time.
I've heard it argued both ways. Any thoughts out there on the subject?