Leading into tomorrow’s highly anticipated monthly labor report, here’s the last in the series of recently updated charts that lay the S&P Case-Shiller Home Price Index up against other economic data, in this case, the year-over-year change to nonfarm payrolls (see here, here, here, and here for the first four in the set).
Second derivative-wise, things are really looking up for both housing and jobs, but, despite the promising shape of the curves above, both home prices and payrolls are still lower than they were a year ago with an uncertain near-term future, particularly for payrolls.
Current estimates are for a loss of somewhere between 50,000 and 200,000 jobs in tomorrow’s labor report, a number that will have been affected in big way by the record snowfall seen during the month of February on the East Coast.
Actually, there was one more chart in the home prices vs. other data series…
First, you can see how consumers turned to credit cards as both the 2001 and 2008 recessions began, however, due at least in part to real estate related financial resources such as home equity lines of credit, the surge was not nearly as great in 2008 than in 2001.
With the exception of the early-2007 period, the two track pretty well.
The median sales price for existing homes was unchanged from a year ago at $164,700 and first-time homebuyers were said to account for 40 percent of purchases during January while investors were responsible for 17 percent of all transactions. Sales are expected to increase again in the months ahead as the April 30th contract signing deadline for the tax credit nears.
By arguing that the entire system must be reformed, nothing ends up being changed as we see now – almost eighteen months after the worst financial market crisis since the Great Depression and there have been no substantive changes to how the financial system works.
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