October Hiring Positive but Recovery Remains Frail

The pace of hiring in October remains consistent with the moderate GDP performance and reflects the protracted US economic recovery. Similar to prior months, private-sector firms added jobs in professional and business services, leisure and hospitality, and healthcare.

The headline unemployment rate edged down, but has made little progress recently, fluctuating within a narrow band since earlier this year.

The average workweek has held constant, reflecting no acceleration in the number of hours worked over the past 12 months. Consequently, this slack in the labor markets creates little upward pressure on hourly earnings, which currently trails the pace of consumer price inflation and suggests less real take home pay and weaker discretionary spending.

more @ John Stephens’ Blog

 

08
Nov 2011
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Apartment Amenity Prices: Summing Up the Parts

What do you pay for each of your amenities?

Have you ever lived in an apartment with a pool, but never used it? What about a really nice clubhouse with pool table, video games, air hockey, etc.? Could you have saved on your rent staying at a place without these luxuries? We were curious to see what those special amenities do to the price of your rent, so we decided to find out.

We took all the listings in our database across the country and matched them up according to their amenities to figure out what the price difference was for places that had these amenities. We did it by setting all other things equal in the apartments then only adding the amenity in question to see on average how much more in rent it costs. We looked at ten amenities and compared 115,449 apartments on average per amenity to come up with the numbers. We have described five amenities in detail and have the changes in rents per amenity in a table at the bottom of the blog.

29
Oct 2011
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Beverly Hills shadow inventory nine times the size of MLS public foreclosures

Dr. HousingBubble reports:

«Recent data shows that the shadow inventory figure is starting to decline nationwide.  However in high priced markets particularly in California there is little movement in the shadow inventory.  To the contrary, notice of defaults for California raged up nearly 70% in the last month of data.  In other words while the pipeline nationwide for shadow inventory may be declining at a slow turtle like pace, little of this is happening in high priced markets with absurd levels of hidden inventory like in Beverly Hills or Culver City for example.

Adding fuel to the fire, the incredibly high mortgage limits are set to expire which will keep the faux-bourgeoisie from buying their $1 million shack in a preferred zip code simply by going into massive debt.  They will now need to come to the table with some solid cash and a respectable income.  Realtors are bemoaning this and trying to fight tooth and nail to keep it in place because they realize how phony some of these buyers are in terms of their actual net worth.»

27
Sep 2011
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Anaheim housing market looks sluggish

Analysis of real estate for sale in Anaheim shows the market «sluggish» in its last tabulation.
  • 552 residences listed in brokers’ MLS system with 188 new deals opening in the past 30 days.
  • Ccommunity has a “market time” (months in would take to sell all inventory at current pace of new escrows) of 2.94 months vs. 3.53 months seen a year earlier.
  • Homes in this community sell ( in theory) in 18% less time than the countywide pace.
  • Of the homes listed for sale in this community, 328 were either foreclosures being resold or short sales, where sellers owe more than the home’s value. So distressed properties were 59.4% of supply of homes for sale vs. 34.1% countywide.
  • Homes for sale in Anaheim represent 5.2% of Orange County inventory — and 9.1% of all the distressed homes listed for sale in Orange County. New escrows here are 6.4% of all Orange County’s new pending sales.
20
Sep 2011
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