The politicians on the federal and state level like to mention foreclosures as a result of subprime loans as a cause for the slow real estate market. If you think all the foreclosures hurt the market, wait until you see what unemployment does to the real estate market.
The Massachusetts unemployment rate is the highest in more than 15 years, the Boston Herald reported January 31, 2009.
Massachusetts lost 16,800 jobs in December 2008.The Boston Globe reported January 23, 2009 that unemployment has risen to 6.9 percent.
"The state's unemployment level jumped by a full percentage point last month to 6.9 percent, the highest since October 1993, the Executive Office of Labor and Workforce Development reported yesterday. The unemployment rate has risen 2.6 points since December 2007, and the number of unemployed has increased by nearly 90,000."
The construction industry has been hit as hard as any area of the Massachusetts economy.
"With both housing and commercial real estate slumping, construction firms have cut more than 11,000 jobs, or 8.5 percent of employment over the past year. In comparison, overall state employment has declined a little more than 1 percent, or about 44,000 jobs."
If you have lost your job, the following video discusses networking tips for job hunters.