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May 21, 2012
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Howard LaFranchi: NATO summit: Who will foot the bill for long-term Afghanistan security?
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Guy Jackson : Victim's father regrets death of Lockerbie bomber
The Kosher Gourmet by Mario Batali: Famed chef's veal shoulder farsumagru: A festive meat course for late spring
May 18, 2012
Rabbi Berel Wein: Striving: The People of the Book's Book for (All of) the People
Steven Goldberg: 5 Great Stock Picks and the Exchange-Traded Fund that Owns Them
Mary Pickett, M.D.: Ask the Harvard Experts: Don't be forced into gluten-free lifestyle based merely on a doctor's false-positive test
The Kosher Gourmet by Carolyn Malcoun: DIY healthy lunchbox treats: HOMEMADE FRUIT BARS for kids and brown-bagging adults alike
May 17, 2012
Warren Richey: Teacher fired for being unwed and pregnant can sue religious school, court rules
Josh Mitnick: Netanyahu's 'centrist' coalition is already proving it's anything but
Steven Goldberg: Earn Dividends in Emerging Markets with This WisdomTree ETF
Amina Khan: Research links coffee to lower death rates
The Kosher Gourmet by Faith Duran : Cheesy Potato Breakfast Casserole with Cheddar and Sun-Dried Tomatoes
May 16, 2012
Carmen Terzic, M.D., Ph.D. : Mayo Clinic Medical Edge: A variety of exercises can help improve balance
Melissa Healy: National strategy on Alzheimer's disease aims to halt it by 2025
The Kosher Gourmet by Joyce White : GOODNESS GRACIOUS: GREENS! 4 winning recipes that are no longer just for down-home folks (Includes expert tips & techniques)
May 15, 2012
Kristen Chick: Obama administration resumes arms sales to Bahrain despite serious unresolved human rights issues. Activists feel abandoned
Pat Mertz Esswein: Homes are now affordable again and mortgage rates are low. What you need to know before you buy
Kathy Kristof: Our Practical Investor Fights Inflation with These 6 Investments
Sue Hubbard, M.D.: The Kid's Doctor: Lactose intolerant young child? Check again
The Kosher Gourmet by Kathy Hunt: Spread a Little Excitement with EXOTIC CONDIMENTS (4 RECIPES)
May 14, 2012
Lisa Gerstner: How to Protect Your Identity, Finances If You Lose Your Phone
Harvard Health Letters: Heart disease and dementia
The Kosher Gourmet by Megan Gordon: MANGO COCONUT OAT MORNING MUFFINS are a bright but hearty delight
May 11, 2012
Jessica L. Anderson: Get the Best Deal on a Used Car
Jett Stone: Forget face-lifts and fake knees. Scientists have seen the fountain of youth --- and it's broccoli
The Kosher Gourmet by Chef Mario Batali: The famed chef's vegetable dish that tastes true to the season: FAVAS AND SUGAR SNAP PEAS WITH POTATOES AND TARRAGON
May 10, 2012
Sergei L. Loiko: Putin sends warning to U.S., NATO in Victory Day speech at Red Square
Mary Rourke: How being a 'mentch' got Vidal Sasoon his start and fighting in Israel's War of Independence provided him with confidence and a strong sense of his own identity
Jeff Bertolucci: Get Home Phone Service for Less Than $10 a Month
The Kosher Gourmet by Betty Rosbottom: Gleaming with its golden, crimson, and snowy white hues, this silken smooth and creamy STRAWBERRY ORANGE TRIFLE looks impressive, but is easy to prepare
May 9, 2012
Sharon Palmer, R.D. How you can reduce your risk -- or delay -- chronic diseases associated with aging
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Jewish World Review
The 10 Worst Cities for Finding a Job
By
Danielle Kurtzleben
Locations to avoid moving to or searching in
JewishWorldReview.com | (USNWR)
Vicious cycles of debt and irresponsible lending helped to cause the Great Recession, and now another vicious cycle of housing weakness and unemployment is keeping many cities from recovering.
It's unfair, but it's true: a list of the cities where housing prices remain depressed has striking similarities to a list of the cities with the worst employment problems. Residential housing prices are low and falling in many of U.S. News' 10 cities with the worst job markets.
"The biggest single thing [contributing to high regional unemployment] is the housing boom and bust." says Jim Diffley, chief regional economist at IHS Global Insight.
Of the 10 metropolitan areas with the toughest job situations, seven are in California. Cities in the Golden State, as well as in Arizona, Nevada, and Florida, have suffered greatly from falling housing prices and high unemployment. These places saw skyrocketing home prices during the housing bubble. After it became clear that many buyers had purchased homes well out of their price range and the market collapsed, many of those houses went vacant.
Diffley explains the aftermath in these Sun Belt areas: "Not only is [the housing sector] taken away, but the people left behind ... have incredibly high mortgages, a lot of foreclosure activity, and the whole concept of household wealth has been shot because of their home equity values."
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"U.S. Metro Economies," a report released this week by the United States Conference of Mayors and IHS Global Insight, shows that the housing market in many of the most jobless cities continued to tumble last year.
According to the report, median existing home prices in Merced, Calif., fell more than in any other city between the fourth quarter of 2010 and the fourth quarter of 2011, from $101,076 to $81,379--a drop of 19.5 percent. Likewise, prices in Stockton and Modesto fell by more than 15 percent.
Unhealthy housing and job markets reinforce each other in myriad ways. Homeowners who lose their jobs often cannot make their mortgage payments and risk foreclosure. High jobless rates among young workers have pushed that demographic to put off homebuying. The depressed housing market has helped reduce construction employment by nearly 2.2 million people since the start of 2007. And a sticky housing market can hurt workforce mobility, as people unable to sell their homes stay put.
Figures from the U.S. Conference of Mayors report suggest that many of those cities with flagging housing markets also have far to go to regain their lost jobs. Hickory-Lenoir-Morganton, N.C., for example, is projected to only recover 7.4 percent of the jobs it lost during the Great Recession by the end of 2012, and Atlantic City is expected to regain just 13.9 percent.
Among U.S. metropolitan areas with 200,000 people or more, here are the 10 worst metro areas for finding a job.
|
| 1. Merced, Calif. |
16.9 |
-1.7 |
| 2. Fresno, Calif. |
15.7 |
-1.7 |
| 3. Modesto, Calif. |
15.5 |
-1.7 |
| 4. Stockton, Calif. |
15.5 |
-2.3 |
| 5. Visalia-Porterville, Calif. |
15 |
-1.8 |
| 6. Atlantic City-Hammonton, N.J. |
12.4 |
0.1 |
| 7. Bakersfield-Delano, Calif. |
13.4 |
-2.2 |
| 8. Hickory-Lenoir-Morganton, N.C. |
11.7 |
-0.7 |
| 9. Riverside-San Bernardino-Ontario, Calif. |
12.5 |
-2.0 |
| 10. Brownsville-Harlingen, Texas |
11.2 |
-0.5 |
Sources: Bureau of Labor Statistics, U.S. Census Bureau.
Methodology: For each metropolitan area, the percentage change in unemployment rate from Nov. 2010 to Nov. 2011 was determined. That percentage change was then subtracted from a given city's Nov. 2011 unemployment rate. For example, Fargo's unemployment rate fell by nearly 14 percent year over year. 14 percent was then subtracted from its Nov. 2011 unemployment rate. The above cities are the 10 with the highest resultant figures.
These cities have both high and sticky unemployment--jobless rates that are elevated and, given those high levels, have not fallen far over the last year. Some cities have higher unemployment but have taken it down faster over the past year. For example, Las Vegas' unemployment rate was 12.5 percent in November, but had fallen 2.4 percentage points since November 2010.
Getting all of these double-digit unemployment rates to come down more quickly, says Diffley, is a matter of getting more momentum in the job market, which could help to jumpstart local housing markets.
"In a sense, housing is no longer subtracting from the economy ... but the question is when we can get some gains in that sector to boost the economy," says Diffley. "Once you get job gains in other sectors, that creates a new demand for housing, that helps the construction sector, and then you're in the virtuous cycle."
RELATED:
The 10 Best Cities for Finding a Job
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© 2012, U.S.News & World Report LP All rights reserved. Distributed by Tribune Media Services
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