See comments below from a 30-minute interview with Bankrate.com Friday.
“I think the bottom line is we’re not out of this recession,” says Ted C. Jones, chief economist for Stewart Title. Yes, he realizes that a recession is defined as two consecutive quarters of shrinking gross domestic product, and a recovery is two quarters of economic growth.
But Jones believes a more useful definition of an economic recovery is two consecutive quarters of job growth. That hasn’t happened yet.
Naturally, the terrible job market is bad for real estate, too. “This is technically the ‘holiday period’ for people involved in the real estate transaction business,” Jones says. “It’s going to be tough, with that many people losing their jobs.”
For people who have jobs, or who are prosperously retired, a bad job market is prime time for getting a mortgage, because a moribund economy brings lower mortgage rates. But this jobs report had little effect on mortgage pricing.
Full article Mortgage rates stand still after bad jobs report