Housing, Jobs…When


Inquiring minds are reading SFGate.com’s article about the housing market not recovering until employment increases and consumers become more confident, according to group of panelists Thursday in New York…which might take quite awhile.

“When things turn and there is job growth and there is consumer confidence back, then we’ll see a change,” said Douglas Yearley, chief executive officer of luxury builder Toll Bros. Inc. “We have to get job growth back.”

The idea of long-term high jobless rate is sinking in:

Sales of existing homes have tumbled this year amid unemployment that is near a 26-year high and a lack of confidence in the recovery of the world’s largest economy. In September, homes sold at the third-slowest pace in a decade of data, after reaching a record low in July, according to the National Association of Realtors. The jobless rate has stayed above 9 percent for 17 consecutive months, according to the Bureau of Labor Statistics.

“We have a jobless recovery,” Thomas Shapiro, president of real estate investment firm GTIS Partners in New York, said during the discussion that also featured Henry Elghanayan, chief executive officer of Rockrose Development Corp. in New York. “Everything will be good if we can just create jobs.”

Labor Department figures show jobless claims rose by 20,000 to 457,000 in the week that ended Saturday from a revised 437,000 the prior week,

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