vic govt desperate to prop up land values, page-10

Uboy,

USA housing peaked 2006 and started its downward spiral. Lack of credit due to housing falling caused the unemployment to rise.

Unemployment started to rise in 2008. Infact it was only 6.1% in August 2008...

http://money.cnn.com/2008/09/05/news/economy/jobs_august/index.htm

Lehman Brothers went under and credit markets froze. Basically unemployment really took off from then (mid Sept 2008).

See graph below:

http://www.reliableplant.com/Read/15852/chart-unemployment-rate-in-us-since-january-2008

You can find better information but I just did a quick 10 second google search. Something most bulls tend to ignore is that housing fell first, then came unemployment...Ironically we are following the same trend......