Tennessee Housing Market – 3rd quarter 2009
Middle Tennessee State University has done a great job analyzing the housing market in Tennessee for the 3th quarter, 2009. In the link below they give data on employment, permits, repeat sales, mortgage tax collections, transfer tax collections, foreclosures, and inventory.
Economic activity contracted again for Tennessee’s economy in the third quarter as aggregate measures of employment continued
to decline and the unemployment rate rose (Table 1). Nonfarm employment declined more than in previous quarters, with much of the decline centered in manufacturing and construction.The unemployment rate rose slightly to 10.7 percent from 10.5 percent in the second quarter, but the small increase should not be considered a sign of improvement because total employment continued to drop. The unemployment rate did not rise much because thousands of persons without work stopped searching for employment, shrinking the labor force at least temporarily.
New claims for unemployment insurance continued to decline in the third quarter but at a slower pace compared with earlier this year (Figure 1). The four-week moving average dropped to 10,031 during the final week of October, the lowest rate since November 2008. Falling initial claims signal that fewer layoffs are occurring, helping to reduce the upward pressure on the unemployment rate. Sustained improvements in the unemployment rate will require more than just fewer layoffs, however; net job creation is needed.
Housing construction and sales provided one of the few positive contributions for the Tennessee economy, but these gains may be tenuous. Sustainable growth in the housing market will require growth of employment and payrolls, both of which appear distant at present.
Read more via Tennessee Housing Market
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