{"id":1004072322,"date":"2013-05-08T06:30:06","date_gmt":"2013-05-08T14:30:06","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004072322"},"modified":"2022-12-07T00:39:49","modified_gmt":"2022-12-07T08:39:49","slug":"economy-watch-home-price-continue-upward-trajectory","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/economy-watch-home-price-continue-upward-trajectory\/","title":{"rendered":"Economy Watch: Home Prices Continue Upward Trajectory; Jobs Openings Fall; Consumer Credit Rises"},"content":{"rendered":"<p><em>By Dees Stribling, Contributing Editor<\/em><\/p>\n<p>More evidence that the housing market is in recovery mode: CoreLogic reported on Tuesday that home prices nationwide, including distressed sales, were up 10.5 percent in March 2013 compared to March 2012. According to the company, that\u2019s the largest year-over-year increase since March 2006. The month-over-month increase in March was 1.9 percent.<\/p>\n<p>Take distressed sales out of the equation, and the result is almost the same, with U.S. home prices increasing year-over-year by 10.7 percent in March 2013. On a month-over-month basis, excluding distressed sales, prices were up 2.4 percent in March. Per CoreLogic definition, distressed sales include both short sales and REOs.<\/p>\n<p>\u201cFor the first time since March 2006, both the overall index and the index that excludes distressed sales are above 10 percent year-over-year,\u201d Mark Fleming, chief economist for CoreLogic, noted in a statement. \u201cThe pace of appreciation has been accelerating throughout 2012 and so far in 2013, leading into the home buying season.\u201d<\/p>\n<p><strong>Job Openings Edge Down<\/strong><\/p>\n<p>The Bureau of Labor Statistics released its latest JOLTS on Tuesday\u2014Job Openings and Labor Turnover Summary\u2014as it does every month following the report on the employment situations. According to JOLTS, there were 3.8 million job openings on the last business day of March, down a bit from 3.9 million in February. The hires rate (3.2 percent) and separations rate (3.1 percent) were little changed in March.<\/p>\n<p>The number of job openings, which is one measure of the health of the employment market, has essentially moved sideways in recent years. As more job openings appear in some industries, others disappear in other industries. For example, according to the BLS, openings decreased over that last 12 months for nondurable goods manufacturing and federal government, while openings increased over the year for accommodation and food services.<\/p>\n<p>The quits rate is another indicator published by the BLS every month in JOLTS. Quits are generally voluntary separations initiated by the employee, and so the quits rate can serve as a measure of workers\u2019 willingness or ability to leave jobs. In March, the rate didn\u2019t budge, coming in at 1.6 percent. Lately the quits rate has been stagnant; the number of quits was little changed over the 12 months ending in March for both private employers and government.<\/p>\n<p><strong>Consumer Credit Increases<\/strong><\/p>\n<p>The Federal Reserve said on Tuesday that U.S. consumer credit increased at an annualized rate of 5.75 percent during the first quarter of 2013. Revolving credit was little changed, but nonrevolving credit\u2014mainly student loans\u2014increased at an annualized rate of 8 percent. In March, consumer credit increased at an annualized rate of 3.4 percent.<\/p>\n<p>Wall Street didn\u2019t spike too much on Tuesday, but there was enough upward movement to set a record for the Dow Jones Industrial Average. The index was up 87.31 points, or 0.58 percent, to close above 15,000 for the first time ever. The S&amp;P 500 gained 0.52 percent and the Nasdaq advanced 0.11 percent.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Home prices were up 10.5 percent, providing more evidence that the housing market is in recovery mode; jobs openings fell from 3.9 million to 3.8 million; and consumer credit saw an increase. <\/p>\n","protected":false},"author":1023,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21825,21742],"tags":[],"class_list":["post-1004072322","post","type-post","status-publish","format-standard","hentry","category-finance","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Economy Watch: Home Prices Continue Upward Trajectory; Jobs Openings Fall; Consumer Credit Rises - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/economy-watch-home-price-continue-upward-trajectory\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Economy Watch: Home Prices Continue Upward Trajectory; Jobs Openings Fall; Consumer Credit Rises\" \/>\n<meta property=\"og:description\" content=\"Home prices were up 10.5 percent, providing more evidence that the housing market is in recovery mode; jobs openings fell from 3.9 million to 3.8 million; and consumer credit saw an increase.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/economy-watch-home-price-continue-upward-trajectory\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2013-05-08T14:30:06+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-07T08:39:49+00:00\" \/>\n<meta name=\"author\" content=\"Dees Stribling\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/economy-watch-home-price-continue-upward-trajectory\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/economy-watch-home-price-continue-upward-trajectory\\\/\"},\"author\":{\"name\":\"Dees Stribling\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/dc1e9fa4ee0430d86f8e60cd697c953c\"},\"headline\":\"Economy Watch: Home Prices Continue Upward Trajectory; 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