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VoiceofSanDiego.orgArticles that I have written for VoiceofSanDiego.org, a local news publication that provides continuing coverage of San Diego housing and economic issues.
San Diego's Job Recovery Continued in NovemberSubmitted by Rich Toscano on December 18, 2011 - 7:50pm
San Diego employment was up in November, per the Employment
Development Department's latest estimates:
![]() continue reading at voiceofsandiego.org (category: )
Inflation-Adjusted Home Prices Hit New Post-Bubble LowSubmitted by Rich Toscano on December 3, 2011 - 6:15pm
The Case-Shiller index of San Diego home prices declined in
September. For the month, the low-priced tier dropped 1.6
percent, the middle tier 1.1 percent, and the high tier .1
percent. The aggregate index fell by .8 percent.
![]() continue reading at voiceofsandiego.org (category: )
Job Recovery Strengthened in OctoberSubmitted by Rich Toscano on November 20, 2011 - 2:12pm
We have entered the time of year when employment growth
traditionally picks up the pace. Per the latest estimates from
the Employment Development Department, that's exactly what happened
last month:
![]() continue reading at voiceofsandiego.org (category: )
Case-Shiller Index Dropped in AugustSubmitted by Rich Toscano on October 27, 2011 - 5:07pm
The Case-Shiller index of San Diego home prices dropped for all
three price tiers in August. Prices by this measure declined
.6 percent for the low-priced tier, .5 percent for the middle tier,
.3 percent for the high tier, and .2 percent for the aggregate
index.
![]() continue reading at voiceofsandiego.org (category: )
Case-Shiller Index Rose in July, But Underlying Home Price Pressure was DownSubmitted by Rich Toscano on October 2, 2011 - 1:52pm
The Case-Shiller index of San Diego home prices rose by .1 percent
in July:
![]() However, the seasonally-adjusted version of the same index fell by a full 1 percent... continue reading at voiceofsandiego.org (category: )
San Diego Continued Modest Job Recovery in AugustSubmitted by Rich Toscano on September 19, 2011 - 5:25pm
Readers may note that when discussing job data, I always refer to
the Employment Development Department's "estimates." The
monthly job numbers everyone discusses are very much estimates, and
are subject to frequent and sometimes large revisions. (Data
nerds might be interested in my examination of one particularly
huge downward revision back at the start of the
recession).
The unusually robust seasonally-adjusted monthly job increase reported for July has, alas, been revised downward. The EDD apparently overstated July employment growth by nearly 5,000 jobs. However, local employment did still increase very slightly in July, when adjusted for seasonal factors. And according to the latest estimates, it increased in August too. Let's start with a look at the seasonally adjusted series, which gives the better idea of underlying job market strength. The trend here is clearly one of fairly steady, if modest, growth: ![]() continue reading at voiceofsandiego.org (category: )
Bouncing Along the Bottom with the Case-Shiller IndexSubmitted by Rich Toscano on September 3, 2011 - 4:56pm
Last week's release of the Case-Shiller index showed an increase in
aggregate San Diego home prices in June:
![]() However, the seasonally-adjusted version of the index shows that once the typical early-summer strength is adjusted for, prices actually declined... continue reading at voiceofsandiego.org (category: )
Local Job Market Strengthened Again in JulySubmitted by Rich Toscano on August 28, 2011 - 5:05pm
July was a good month for San Diego's job market, according to the
Employment Development Department's local employment estimates.
You might not know it from looking at the raw numbers, as employment actually decreased between June and July. But that is a seasonal effect that takes place each year, largely as a result of school getting out. ![]() continue reading at voiceofsandiego.org (category: )
Oops -- Were We Supposed to Buy Foreclosures With That $70 Million?Submitted by Rich Toscano on August 24, 2011 - 4:03pm
Hi Piggs -- Apologies for the lack of content; I've become rather buried with that pesky day job once again. I'm going to try to get some material up this weekend. In the meantime, I think many Piggs might be interested in this recent article from Will Carless at the voiceofsandiego.org: The Housing Commission’s ‘Trojan Horse’ Back in the depths of the housing bust, the San Diego City Council ordained that the Affordable Housing Commission could start buying foreclosures. At the time, I argued against this policy. Exactly how does spending taxpayer money to create artificial demand render homes more "affordable?" (Affordability being an outcome which, presumably, should desirable to a group called the "Affordable Housing Commission.") It doesn't, of course. I felt this was yet another bailout-style intervention that used taxpayer money in the pursuit of preventing homes from becoming affordable again. Well, as Will's article makes clear, my argument was moot. The commission didn't use their money (and the reduced oversight they got as part of the deal) to buy foreclosures, but instead bought apartment buildings (not in foreclosure) and lent the money to developers to build more "affordable housing" apartments. Regardless of what one thinks about what they originally said they were going to do, the point is that they didn't actually do it, which is fairly messed up. What makes this more messed up was outlined in Will's original piece, which makes it clear that the "affordable housing" they were funding was actually quite swanky and immensely cost-ineffective. Enjoy these interesting and frustrating reads... (category: )
Spring Home Price Bounce Masks Underlying WeaknessSubmitted by Rich Toscano on July 26, 2011 - 6:53pm
Today's release of the Case-Shiller home price index showed a small (.2
percent) aggregate price increase in May for San Diego:
![]() continue reading at voiceofsandiego.org (category: )
San Diego Job Growth Defies National WeaknessSubmitted by Rich Toscano on July 24, 2011 - 12:54pm
June's nationwide employment growth was famously dismal, with
the entire US economy adding just 18,000 jobs for the month.
Fortunately for us San Diegans, things looked a lot better here at home.
![]() continue reading at voiceofsandiego.org (category: )
Case-Shiller Up in April, But It's All Spring BounceSubmitted by Rich Toscano on June 29, 2011 - 6:47pm
As foreshadowed by the median
price
data, the Case-Shiller index for San Diego home prices rose
in April. Here's a look at the CS index since the start of the
rebound that began in early 2009:
![]() continue reading at voiceofsandiego.org (category: )
Job Growth Resumes Its Upward SlogSubmitted by Rich Toscano on June 22, 2011 - 7:33pm
San Diego employment increased in May, according to the Employment
Development Department's latest batch of estimates.
Let's look first at the seasonally-adjusted figures, which give a better read on month-to-month changes. They show that employment was estimated to have increased in May after a languid start to the year: ![]() continue reading at voiceofsandiego.org (category: )
No Double Dip For San Diego YetSubmitted by Rich Toscano on June 1, 2011 - 12:04pm
The median price data had indicated some home price stabilization
through March, but the latest release of the Case-Shiller index
suggests otherwise. I'll talk a bit more below about the
strengths and weaknesses of the CS index, but first let's have a look
at the latest data.
The media has made much of the fact that the national Case-Shiller index hit a new post-boom low, officially ushering in a "double dip" in nationwide home price. But while San Diego prices did drop in March, the CS index indicates that we still held up above those 2009 lows: ![]() (more charts plus some thoughts on the Case-Shiller index below) continue reading at voiceofsandiego.org (category: )
Job Market Faltered in AprilSubmitted by Rich Toscano on May 20, 2011 - 5:27pm
The California Employment Development Department's latest estimates
indicate that, after adjusting for seasonal factors, San Diego
employment declined slightly in April. The EDD also
revised the estimate of March employment downward.
Between the March revision and the April decline, there has been effectively no job growth since February: ![]() continue reading at voiceofsandiego.org (category: )
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