CLRSearch Offers Commentary on the Most Recent Data from the U.S. Bureau of Labor Statistics

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Does the job market reflect real estate market strength? CLRSearch today comments on the most recent data provided by the U.S. Bureau of Labor Statistics.

In an effort to provide their clients with the most up to date information regarding the real estate market, CLRSearch today offers commentary on the most recent data release by the U.S. Bureau of Labor Statistics and the Case Shiller Home Price Index forecast provided by Moody’s Economy.

According to the Bureau of Labor Statistics, thirteen of the nation’s largest Metro labor markets have regained all of the jobs that slipped away during the recession.

“This is huge for CLRSearch users looking to relocate,” says John Verdi, President of CLR Choice, Inc. “The current rebound in the job market is directly related to a real estate market that is looking better than it has since 2006.”

The data provided by the Bureau of Labor Statistics highlights:

  • Houston
  • New Orleans
  • Austin
  • Dallas-Fort Worth
  • San Antonio
  • McAllen-Edinburg, TX
  • Raleigh
  • El Paso
  • Boston
  • Pittsburgh
  • Oklahoma City
  • Omaha
  • Ogden, UT

The other 87 markets have still not broken even.

The Bureau of Labor Statistics used data to estimate 2011 private-sector employment levels for 100 markets, and then compared those estimates against the official figures for 2006, the last full year before the recession’s onset.

Looking at the Case Shiller Home Price Index forecast from Moody’s Economy, the numbers present a clearly positive trend that correlates directly with the data from the Bureau of Labor Statistics. With the exception of Boston, the cumulative change in price between quarter 1 of 2006 and quarter 3 of 2010 shows a house price over valuation for these 13 metropolitan markets. Houston leads at 12.6% overvaluation while New Orleans pulls up the rear at .4% overvaluation. Boston currently reports a -14.7% undervaluation. By contrast, Detroit and Cape Coral-Fort Myers have undervaluation numbers of -31.4% and -30.6 percent respectively. This should be of no surprise, as the labor markets in both of these metropolitan areas have yet to recover.

“Does the job market reflect real estate market strength? Most certainly. For users looking to relocate to strong real estate markets, Texas and a few select metropolitan markets have not only recovered from the recession, but are actually prospering,” says Verdi. “As Moody’s Case Shiller Home Price Index forecast suggests, metropolitan regions who have recovered from the recession are seeing a increase in house price overvaluation. This bodes well for the real estate market.”

About CLRSearch.com

The mission of CLRSearch.com is to connect real estate professionals with homebuyers to find the right home in the right place.

CLRSearch.com is a data rich Real Estate Search Engine where users can explore listings, foreclosures, community demographics, school information, and other data relevant to one of the most important decisions in anyone’s life.

With more people connecting online than ever before, CLRSearch.com hopes to create a space within the ever-expanding social networking infrastructure to allow real estate professionals to grow and increase their referral base. Additionally, CLRSearch.com offers a self-service LocalExpert Advertising Platform that provides agents and brokers with a way to take advantage of their hyper-local ad market.

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Andrea Archetto
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