Jobs key to housing recovery
The U.S. labor market will hold the key to a recovery in the hard-hit housing sector, according to a Harvard University report released on Monday.
Record high foreclosures and a high jobless rate both pose significant challenges to the housing market, but some recovery in labor markets and record low mortgage rates could partly overcome other pressures, said the study from the Joint Center for Housing Studies at Harvard.
"If history is a guide, what happens with jobs will matter the most to the strength of the housing rebound," Eric Belsky, executive director of the center, said in a statement.
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