{"id":1004083970,"date":"2013-09-24T05:19:04","date_gmt":"2013-09-24T13:19:04","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004083970"},"modified":"2022-12-02T23:51:55","modified_gmt":"2022-12-03T07:51:55","slug":"economy-watch-ny-fed-president-talks-tapering-lps-home-prices-still-rising","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/economy-watch-ny-fed-president-talks-tapering-lps-home-prices-still-rising\/","title":{"rendered":"Economy Watch: NY Fed President Talks Tapering; LPS: Home Prices Still Rising"},"content":{"rendered":"

By Dees Stribling, Contributing Editor<\/em><\/p>\n

Last week\u2019s decision by the Federal Reserve not to taper QE3 left an open question: when will the tapering begin, since presumably it has to sometime? Speaking on Monday at Fordham Wall Street Council, Fordham University Graduate School of Business in New York, NY Fed president William Dudley addressed that question. Though not making a firm statement of intent \u2013 the Fed rarely offers those \u2013 he did discuss the central bank\u2019s rationale for continuing the stimulus policy.<\/p>\n

\u201cTo begin to taper, I have two tests that must be passed: (1) evidence that the labor market has shown improvement, and (2) information about the economy\u2019s forward momentum that makes me confident that labor market improvement will continue in the future,\u201d he said in his remarks. \u201cSo far, I think we have made progress with respect to these metrics, but have not yet achieved success.\u201d<\/p>\n

Regarding the first condition, Dudley noted that the decline in the U.S. headline unemployment rate since last year \u2013 8.1 percent to 7.3 percent \u2013 \u201coverstates the improvement in the labor market.\u201d Other metrics of labor market conditions, such as the hiring, job-openings, job-finding rate, quits rate and the vacancy-to-unemployment ratio, collectively indicate a much more modest improvement in conditions.<\/p>\n

As for the second \u201ctest,\u201d Dudley cited a number of headwinds for the economy, but none more immediate than the dysfunctional nature of the U.S. Congress. \u201cFiscal uncertainties loom very large right now as Congress considers the issues of funding the government and raising the debt limit ceiling,\u201d he added.<\/p>\n

LPS: Home Prices Still Rising\u00a0<\/strong><\/p>\n

On Monday, Lender Processing Services released its latest LPS Home Price Index report, based on July 2013 residential real estate transactions. The report found that home prices nationwide were up 0.6 percent month over month in July, and up 8.7 percent since July 2012.<\/p>\n

The index is still off 14.7 percent from its peak in June 2006, with some markets much further off peak. In metro Las Vegas, for example, prices are 46.1 percent less than peak; in Orlando, prices are off 38.8 percent, and in Riverside-San Bernardino the drop is 37.6 percent. On the other hand, Austin, Dallas, Denver, Houston and San Antonio are at new peaks, according to the company.<\/p>\n

The LPS index combines the company\u2019s property and loan-level databases to produce a repeat sales analysis of home prices as of their transaction dates every month for each of more than 18,500 U.S. Zip Codes. It represents the price of non-distressed sales by taking into account price discounts for REO and short sales.<\/p>\n

Wall Street had a mild down day on Monday, with the Dow Jones Industrial Average losing 49.71 points, or 0.32 percent. The S&P 500 was down 0.47 percent, and the Nasdaq lost 0.14 percent, despite Apple stock spiking nearly 5 percent on ultra-strong sales of its latest gizmo.<\/p>\n","protected":false},"excerpt":{"rendered":"

The NY Fed president addressed the postponement of tapering question yesterday, stating that there is still not enough evidence that the economy is headed for complete success. And according to Lender Processing Services, home prices nationwide were up 0.6 percent month over month in July.<\/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":[21742],"tags":[],"class_list":["post-1004083970","post","type-post","status-publish","format-standard","hentry","category-latest"],"acf":[],"yoast_head":"\nEconomy Watch: NY Fed President Talks Tapering; LPS: Home Prices Still Rising - 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-ny-fed-president-talks-tapering-lps-home-prices-still-rising\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Economy Watch: NY Fed President Talks Tapering; LPS: Home Prices Still Rising\" \/>\n<meta property=\"og:description\" content=\"The NY Fed president addressed the postponement of tapering question yesterday, stating that there is still not enough evidence that the economy is headed for complete success. And according to Lender Processing Services, home prices nationwide were up 0.6 percent month over month in July.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/economy-watch-ny-fed-president-talks-tapering-lps-home-prices-still-rising\/\" \/>\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=\"2013-09-24T13:19:04+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-03T07:51:55+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-ny-fed-president-talks-tapering-lps-home-prices-still-rising\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/economy-watch-ny-fed-president-talks-tapering-lps-home-prices-still-rising\\\/\"},\"author\":{\"name\":\"Dees Stribling\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/dc1e9fa4ee0430d86f8e60cd697c953c\"},\"headline\":\"Economy Watch: NY Fed President Talks Tapering; LPS: Home Prices Still Rising\",\"datePublished\":\"2013-09-24T13:19:04+00:00\",\"dateModified\":\"2022-12-03T07:51:55+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/economy-watch-ny-fed-president-talks-tapering-lps-home-prices-still-rising\\\/\"},\"wordCount\":474,\"commentCount\":0,\"articleSection\":[\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/economy-watch-ny-fed-president-talks-tapering-lps-home-prices-still-rising\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/economy-watch-ny-fed-president-talks-tapering-lps-home-prices-still-rising\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/economy-watch-ny-fed-president-talks-tapering-lps-home-prices-still-rising\\\/\",\"name\":\"Economy Watch: NY Fed President Talks Tapering; LPS: Home Prices Still Rising - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#website\"},\"datePublished\":\"2013-09-24T13:19:04+00:00\",\"dateModified\":\"2022-12-03T07:51:55+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/dc1e9fa4ee0430d86f8e60cd697c953c\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/economy-watch-ny-fed-president-talks-tapering-lps-home-prices-still-rising\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/economy-watch-ny-fed-president-talks-tapering-lps-home-prices-still-rising\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/economy-watch-ny-fed-president-talks-tapering-lps-home-prices-still-rising\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Economy Watch: NY Fed President Talks Tapering; LPS: Home Prices Still Rising\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#website\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/dc1e9fa4ee0430d86f8e60cd697c953c\",\"name\":\"Dees Stribling\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/42add8af9e9229ed27332ad13f5b8c6f6ae89de868a41cf81baaac4ad46e589a?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/42add8af9e9229ed27332ad13f5b8c6f6ae89de868a41cf81baaac4ad46e589a?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/42add8af9e9229ed27332ad13f5b8c6f6ae89de868a41cf81baaac4ad46e589a?s=96&d=mm&r=g\",\"caption\":\"Dees Stribling\"},\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/author\\\/dcstribling\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Economy Watch: NY Fed President Talks Tapering; LPS: Home Prices Still Rising - Commercial Property Executive","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/economy-watch-ny-fed-president-talks-tapering-lps-home-prices-still-rising\/","og_locale":"en_US","og_type":"article","og_title":"Economy Watch: NY Fed President Talks Tapering; LPS: Home Prices Still Rising","og_description":"The NY Fed president addressed the postponement of tapering question yesterday, stating that there is still not enough evidence that the economy is headed for complete success. And according to Lender Processing Services, home prices nationwide were up 0.6 percent month over month in July.","og_url":"https:\/\/www.commercialsearch.com\/news\/economy-watch-ny-fed-president-talks-tapering-lps-home-prices-still-rising\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2013-09-24T13:19:04+00:00","article_modified_time":"2022-12-03T07:51:55+00:00","author":"Dees Stribling","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.commercialsearch.com\/news\/economy-watch-ny-fed-president-talks-tapering-lps-home-prices-still-rising\/#article","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/economy-watch-ny-fed-president-talks-tapering-lps-home-prices-still-rising\/"},"author":{"name":"Dees Stribling","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/dc1e9fa4ee0430d86f8e60cd697c953c"},"headline":"Economy Watch: NY Fed President Talks Tapering; LPS: Home Prices Still Rising","datePublished":"2013-09-24T13:19:04+00:00","dateModified":"2022-12-03T07:51:55+00:00","mainEntityOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/economy-watch-ny-fed-president-talks-tapering-lps-home-prices-still-rising\/"},"wordCount":474,"commentCount":0,"articleSection":["News"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.commercialsearch.com\/news\/economy-watch-ny-fed-president-talks-tapering-lps-home-prices-still-rising\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/economy-watch-ny-fed-president-talks-tapering-lps-home-prices-still-rising\/","url":"https:\/\/www.commercialsearch.com\/news\/economy-watch-ny-fed-president-talks-tapering-lps-home-prices-still-rising\/","name":"Economy Watch: NY Fed President Talks Tapering; LPS: Home Prices Still Rising - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"datePublished":"2013-09-24T13:19:04+00:00","dateModified":"2022-12-03T07:51:55+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/dc1e9fa4ee0430d86f8e60cd697c953c"},"breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/economy-watch-ny-fed-president-talks-tapering-lps-home-prices-still-rising\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/economy-watch-ny-fed-president-talks-tapering-lps-home-prices-still-rising\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/economy-watch-ny-fed-president-talks-tapering-lps-home-prices-still-rising\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"Economy Watch: NY Fed President Talks Tapering; LPS: Home Prices Still Rising"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/dc1e9fa4ee0430d86f8e60cd697c953c","name":"Dees Stribling","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/42add8af9e9229ed27332ad13f5b8c6f6ae89de868a41cf81baaac4ad46e589a?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/42add8af9e9229ed27332ad13f5b8c6f6ae89de868a41cf81baaac4ad46e589a?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/42add8af9e9229ed27332ad13f5b8c6f6ae89de868a41cf81baaac4ad46e589a?s=96&d=mm&r=g","caption":"Dees Stribling"},"url":"https:\/\/www.commercialsearch.com\/news\/author\/dcstribling\/"}]}},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004083970","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/1023"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004083970"}],"version-history":[{"count":1,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004083970\/revisions"}],"predecessor-version":[{"id":1004626980,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004083970\/revisions\/1004626980"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004083970"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004083970"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004083970"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}