Friday, September 4, 2015

Grim Economic News From City Controller

This just in from City Controller Alan Butkovitz: Local Home Prices Predicted to Take Significant Decline Prices were not as bad as National figure but that could change due to major drop in sales PHILADELPHIA – City Controller Alan Butkovitiz today released the Monthly Economic Snapshot and Monthly Economic Forecast Review for December that shows local home prices could start to decline because of the major decrease in housing sales. The decline in local home prices was about seven percent in December compared to a nationwide decline of 15 percent. Despite the less dismal decline in prices, the region faced a 21 percent drop in sales volume, which may indicate steeper price reductions. Nationally, sales were down only 3.5 percent. The monthly review also showed the unemployment rate for the Philadelphia region is up from 3.9 percent to 5.9 percent. The City’s rate stands at nearly 8 percent which has increased from 5.6 percent last year. The Monthly Economic Snapshot presents key economic data for the United States, the Greater Philadelphia Region, and the City of Philadelphia. The Monthly Economic Forecast Review is a collection of projections from prominent economic institutions and an analysis of their forecasts of future economic performance. These two documents together — the Snapshot and the Forecast Review — are a useful tool for policy makers and analysts in understanding our city’s and country’s economy. The Economic Snapshot and Monthly Forecast are compiled by the Financial and Policy Analysis staff. The City Controller’s office circulates these documents on a monthly basis to assist key decision makers in understanding and anticipating local and national economic trends. You can find these documents, as well as other economic and policy reports, on the Controller’s Office website: www.philadelphiacontroller.org.

Grim Economic News From City Controller

0 comments

This just in from City Controller Alan Butkovitz:

Local Home Prices Predicted to Take Significant Decline
Prices were not as bad as National figure but that could change due to major drop in sales

PHILADELPHIA – City Controller Alan Butkovitiz today released the Monthly Economic Snapshot and Monthly Economic Forecast Review for December that shows local home prices could start to decline because of the major decrease in housing sales.

The decline in local home prices was about seven percent in December compared to a nationwide decline of 15 percent. Despite the less dismal decline in prices, the region faced a 21 percent drop in sales volume, which may indicate steeper price reductions. Nationally, sales were down only 3.5 percent.

The monthly review also showed the unemployment rate for the Philadelphia region is up from 3.9 percent to 5.9 percent. The City’s rate stands at nearly 8 percent which has increased from 5.6 percent last year.

The Monthly Economic Snapshot presents key economic data for the United States, the Greater Philadelphia Region, and the City of Philadelphia. The Monthly Economic Forecast Review is a collection of projections from prominent economic institutions and an analysis of their forecasts of future economic performance. These two documents together — the Snapshot and the Forecast Review — are a useful tool for policy makers and analysts in understanding our city’s and country’s economy.

The Economic Snapshot and Monthly Forecast are compiled by the Financial and Policy Analysis staff. The City Controller’s office circulates these documents on a monthly basis to assist key decision makers in understanding and anticipating local and national economic trends.

You can find these documents, as well as other economic and policy reports, on the Controller’s Office website: www.philadelphiacontroller.org.

0 comments
We encourage respectful comments but reserve the right to delete anything that doesn't contribute to an engaging dialogue.
Help us moderate this thread by flagging comments that violate our guidelines.

Comment policy:

Philly.com comments are intended to be civil, friendly conversations. Please treat other participants with respect and in a way that you would want to be treated. You are responsible for what you say. And please, stay on topic. If you see an objectionable post, please report it to us using the "Report Abuse" option.

Please note that comments are monitored by Philly.com staff. We reserve the right at all times to remove any information or materials that are unlawful, threatening, abusive, libelous, defamatory, obscene, vulgar, pornographic, profane, indecent or otherwise objectionable. Personal attacks, especially on other participants, are not permitted. We reserve the right to permanently block any user who violates these terms and conditions.

Additionally comments that are long, have multiple paragraph breaks, include code, or include hyperlinks may not be posted.

Read 0 comments
 
comments powered by Disqus
About this blog
William Bender, a Drexel graduate who landed at the Daily News in 2007, has covered everything from South Philly mobsters to doomsday hucksters. He occasionally writes about local food trucks and always eats everything on his plate, whether it be a bloody rib eye or a corrupt politician. E-mail tips to benderw@phillynews.com
 Follow William on Twitter

David Gambacorta, has been a reporter with the Daily News since 2005, covering crime, police corruption and all of the other bizarre things that happen in Philadelphia. Now he’s covering the 2015 mayor’s race, because he enjoys a good circus just as much as the next guy. He’s always looking to get a cup of coffee. Send news tips and other musings on life to gambacd@phillynews.com
 Follow David on Twitter

PhillyClout Team
Also on Philly.com
letter icon Newsletter