November now makes three of the last four months and four of the last six with negative private payrolls. According to ADP, the US private economy shed 32k jobs last month, the most yet in the cycle. And it turns the 6m average negative for the first time, so serious problems in labor – which are creating bigger ones in the housing market. According to the latest official numbers from the government, home prices fell for the fourth time in the last five months and that brought the annual rate of change down to the lowest since February 2012. Yes, February 2012, the bottom of the housing bust. 

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Federal Reserve Beige Book November 2025
https://www.federalreserve.gov/monetarypolicy/files/BeigeBook_20251126.pdf

Bloomberg A Historic Housing Disconnect Is Forcing Prices Down
https://www.bloomberg.com/opinion/articles/2025-12-01/a-housing-disconnect-points-to-lower-prices

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