Wednesday, April 16, 2014

Thursday: Unemployment Claims, Philly Fed Mfg Survey

by Calculated Risk on 4/16/2014 08:55:00 PM

Some more data from DataQuick: California March Home Sales

An estimated 32,923 new and resale houses and condos sold statewide in March. That was up 28.2 percent from 25,680 in February, and down 12.8 percent from 37,764 sales in March 2013, according to San Diego-based DataQuick.

Last month’s sales were the lowest for a March since 2008, when 24,565 homes sold – a record low for the month of March. California’s high for March sales was 68,848 in 2005. Last month's sales were 23.9 percent below the average of 43,251 sales for all months of March since 1988, when DataQuick's statistics begin. California sales haven’t been above average for any particular month in more than eight years.
...
Of the existing homes sold last month, 7.4 percent were properties that had been foreclosed on during the past year. That was down from a revised 8.0 percent in February and down from 15.0 percent a year earlier. California’s foreclosure resales peaked at 58.8 percent in February 2009.

Short sales - transactions where the sale price fell short of what was owed on the property - made up an estimated 7.4 percent of the homes that resold last month. That was down from an estimated 9.3 percent the month before and 18.7 percent a year earlier.
A common theme now: As distress sales decline, overall sales decline too.

Thursday:
• At 8:30 AM ET, the initial weekly unemployment claims report will be released. The consensus is for claims to increase to 320 thousand from 300 thousand.

• At 10:00 AM, the Philly Fed manufacturing survey for April. The consensus is for a reading of 9.1, up from 9.0 last month (above zero indicates expansion).