If job creation drives housing prices, what is preventing the Boston housing market from falling?

Add to unemployment / job creation section of The Real Estate Cafe’s ongoing data collection / spreadsheet of factors underlying the housing bubble.  This information has been archived periodically since 2000.  Initially, a snap shot was taken each year just before Halloween for an annual update of our slideshow entitled, Haunted by the Housing Market.  During 2005, we began making updates more frequently as evidence of the coming slide in housing prices began to mount locally and nationally.  While it’s hard to miss the fact that some of "the biggest employers in town are leaving," as the Boston Herald article reports, this statement is stunning and more including in one’s prediction of where housing prices are headed in 2006 and beyond:

"The roughly 740,000 jobs in the Greater Boston area is still more than
80,000 shy of its 2000 peak. And it may take years more, perhaps as
long as a decade, before those boomtime employment levels are seen
again, said Nordby. Only by 2015 will the Greater Boston area boast
roughly the same number of jobs, 821,000, that it had in December 2000"

The Housing Bubble 2: ‘Sky-High Housing Costs’ Drive Away Boston Jobs.

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