I have always thought that the job market had a direct relationship to the Real Estate market. Below is an article that backs up my opinion. Rhode Island is once again near the top!!! (and as usual, not in a good way)
We need jobs to encourage this economy and not minimum wage jobs but good paying jobs!The banks are now looking at potential home buyers with so much scrutiny, that it is making it nearly impossible to get a mortgage. There are a large percentage of Rhode Islanders' that are either going through, or have just gone through a short sale or a foreclosure! These people will not be able to buy at least for 3 years!
The few that can afford to actually make a mortgage payment and still continue to exist need to know that they will be getting periodic raises and have some kind of security regarding their place in the job market.in Rhode Island
I am just a Realtor in Rhode Island. I do not know the answers on what to do about the job market. I do know that most of the industry in Rhode Island has disappeared. We are now a hospitality state, which would be great if the beaches remained open during the summer, at least.
Here is the article
Does length of unemployment indicate the real estate sector’s health?
Meanwhile, I am here to help people find homes. Rhode Island has the potential to be one of the nicest states around!
Photo by Karen Hurst of former Rocky Point