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Thursday, January 29, 2009

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.
Posted by Catherine Lucey @ 3:48 PM  Permalink | Post a comment
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About The Philly Clout Team
PhillyClout
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.
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David Gambacorta spent a small eternity writing about cops, drug dealers and serial killers. Now he’s writing about power and politics ­– which sometimes reminds him of the old crime beat. He joined the Daily News in 2005. And yes, he knows you’re not quite sure how to pronounce his last name. E-mail tips to gambacd@phillynews.com
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Catherine Lucey joined the Daily News in 2002 and has written about murderous drug gangs, political protesters and Harry Potter. After covering the 2007 mayoral election, she moved over to the City Hall bureau where she has been reporting on the Nutter administration.
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Jan Ransom, a native New Yorker, joined the Daily News in 2010 after graduating from Howard University. She has since written about the difficulty of filing police complaints, tax deadbeats and life after violent home invasions. She joined the Daily News City Hall Bureau in 2011 and has plunged headfirst into reporting on administration budget battles and City Council shenanigans.
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Catherine Lucey
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Chris Brennan
brennac@phillynews.com

Jan Ransom
Ransomj@phillynews.com
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