The following are selected graphs from the FRBSF Economic Letter by the President of the Federal Reserve Bank of San Francisco, John Williams "The Slow Recovery It’s Not Just Housing":
The Slow Recovery It’s Not Just Housing:
...Figure 1 shows price declines by state. The hardest hit states, including Nevada, Arizona, California, and Florida, are shown in red. Prices in these states plunged by 40% or more from their peaks. By contrast, the states shown in green posted price declines of less than 15%. In one green state, North Dakota, prices actually increased.
...Figure 2 shows the drop in employment during the downturn by state, using the same color coding as Figure 1. For example, in the hard-hit states, shown in red here, employment fell by 8% or more. The overlap with the pattern of house price declines is striking. The states where home prices fell most were generally among those that suffered the worst job losses during the recession. In states where prices fell less, employment declined less (Williams 2012a).
...Figure 3 shows state employment gains during the rebound. There’s almost no systematic relationship between employment growth and home price declines...[Continue]