Thursday, August 28, 2014
Inquirer Daily News

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

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.

About this blog
Chris Brennan, a native Philadelphian and graduate of Temple University, joined the Daily News in 1999. He has written about SEPTA, the Philadelphia School District, the legalization of casino gambling, state government, the mayor, the governor, City Council and political campaigns. E-mail tips to brennac@phillynews.com
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Jenny DeHuff is a 2005 graduate of the University of Rhode Island, where she cut her teeth in journalism. A South Philly transplant from New England, she joined the Daily News City Hall Bureau in 2013. For the past several years, she has worked as an investigative reporter exposing corruption in suburban politics, covering sometimes ghastly criminal court cases and following the people’s money and how its spent. In addition to being a dogged news hound, she enjoys reading and writing about travel, animals, Irish whiskey and aviation. E-mail tips to dehuffj@phillynews.com
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Sean Collins Walsh is from Bucks County and went to Northwestern University. He joined the Daily News copy desk in 2012 and now covers the Nutter administration. Before that, he interned at papers including The New York Times, The Dallas Morning News and The Seattle Times. E-mail tips to walshSE@phillynews.com
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