by Calculated Risk on 7/15/2005 05:20:00 PM

Earlier I quoted Ben Bernanke, the new chairman of the White House's Council of Economic Advisers suggesting that the boom in house prices was related to job growth:

"... states exhibiting higher rates of job growth also tend to have experienced greater appreciation in house prices."

Now MSNBC's Martin Wolk provides data to show that Bernanke misspoke: Job growth fails to explain soaring home prices (Hat Tip to pgl at Angry Bear)

See the chart "Jobs & Home Prices". The conclusion ... Bernanke is wrong: "Job growth fails to explain soaring home prices".