Blackrock is out this week with an interesting note on housing markets. They join others in calling a housing bottom, but they remind us that any recovery is likely to be very slow, especially in areas where unemployment remains very high.
This map shows the intersection of unemployment rates and “shadow inventory”, the backlog of foreclosed homes and potential foreclosures weighing down the housing market. You can see the clear difference between booming North Dakota, and struggling Florida.
Don’t miss: The State Of The Housing Market