Economic Reports 01/25/07
Summary: Employment worsening, initial claims moving up as seasonal workers get laid off, continuing claims moving down as long term benefits run out.
Novembers low interest rate blip vanished as existing home sales slide to a 17 year high decline.
Inventories thinning further, but still at all time highs, as dejected speculators and home owners retreat until Spring.
Mortgage troubles continue to mount. Notice of Default and Foreclosures on the rise in California.
Initial Claims +36K to 325K Full Report
Inside the number: 4 week MA +15K to 309,250; Continuing claims -39K to 2.48M, 4 week MA -9.5K to 2.46M.
Long term unemployment has been consistently high during this expansion, despite the decrease in the unemployment rate to 4.5%.
In December, about 30% of the 6.8M deemed officially unemployed had been out of work longer than 15 weeks, while 16% had been out of work longer than 27 weeks.
Unemployment benefits typically run out after 26 weeks for those who are eligible. Those who exhaust their unemployment benefits are still counted as unemployed if they're looking for work.
Existing Home Sales Dec -0.8% to 6.22M vs prior +0.6% to 6.28M Full Report
Inside the number: YOY Sales -7.9%, 2006 -8.4% to 6.48M, the largest decline in 17 years, but the 3rd highest total ever sold.
YOY -5.5% in the Northeast, -5.8% in the Midwest, -7.1% in the South and -15.5% in the West. Many sellers unwilling or unable to drop their price pulled their homes off the market as inventories fell 7.9% to 3.51M.
SFR sales YOY -7.2%, for 2006, -8.1% to 5.677M. Condo sales YOY -12.2%, for 2006 -10.4%.
California mortgage defaults jump 145% Full Story
Inside the number: Lenders gave default notices to 37,273 California mortgage holders in the fourth quarter of 2006, compared with 15,196 in the same 2005 period, DataQuick said.
Not every default notice leads to a foreclosure. But foreclosures themselves also rose in the last quarter, reaching 6,078, up from 874 a year earlier.
Novembers low interest rate blip vanished as existing home sales slide to a 17 year high decline.
Inventories thinning further, but still at all time highs, as dejected speculators and home owners retreat until Spring.
Mortgage troubles continue to mount. Notice of Default and Foreclosures on the rise in California.
Initial Claims +36K to 325K Full Report
Inside the number: 4 week MA +15K to 309,250; Continuing claims -39K to 2.48M, 4 week MA -9.5K to 2.46M.
Long term unemployment has been consistently high during this expansion, despite the decrease in the unemployment rate to 4.5%.
In December, about 30% of the 6.8M deemed officially unemployed had been out of work longer than 15 weeks, while 16% had been out of work longer than 27 weeks.
Unemployment benefits typically run out after 26 weeks for those who are eligible. Those who exhaust their unemployment benefits are still counted as unemployed if they're looking for work.
Existing Home Sales Dec -0.8% to 6.22M vs prior +0.6% to 6.28M Full Report
Inside the number: YOY Sales -7.9%, 2006 -8.4% to 6.48M, the largest decline in 17 years, but the 3rd highest total ever sold.
YOY -5.5% in the Northeast, -5.8% in the Midwest, -7.1% in the South and -15.5% in the West. Many sellers unwilling or unable to drop their price pulled their homes off the market as inventories fell 7.9% to 3.51M.
SFR sales YOY -7.2%, for 2006, -8.1% to 5.677M. Condo sales YOY -12.2%, for 2006 -10.4%.
California mortgage defaults jump 145% Full Story
Inside the number: Lenders gave default notices to 37,273 California mortgage holders in the fourth quarter of 2006, compared with 15,196 in the same 2005 period, DataQuick said.
Not every default notice leads to a foreclosure. But foreclosures themselves also rose in the last quarter, reaching 6,078, up from 874 a year earlier.
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