Covering Your Local Economy - Part III by Marilyn Geewax

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NPR's Marilyn Geewax presents "Covering Your Local Economy: What's Happening with Housing," part of the journalism workshop, "Covering Your Local Economy." Presented by the Donald W. Reynolds National Center for Business Journalism, and hosted by the Asian American Journalists Association's 2013 Conference, this multi-session training offers the basics of covering local economies.

For more information about training for business journalists, please visit businessjournalism.org.

For additional resources for covering your local economy, please visit the training archive page at http://businessjournalism.org/2013/08/15/covering-your-local-economy-self-guided-training/.

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Covering Your Local Economy - Part III by Marilyn Geewax

  1. 1. Covering Your Local Economy: What's Happening with Housing Marilyn Geewax NPR Senior Business Editor In 2013 …
  2. 2. What We Will Explore Today •  Demand Is Rising •  But There Are Big Regional Differences •  Foreclosures Are Very Uneven •  Real Estate Is Hyperlocal
  3. 3. Housing Sector Spins Off Jobs for Landscapers, Furniture Stores, Etc.
  4. 4. Things Are Finally Improving
  5. 5. Keep In Mind: You Might Be Completely Wrong The slowdown in the housing sector “is a concern, but at this point we don't see it as being a broad financial concern or a major factor in assessing the course of the economy.” -- Fed Chairman Ben Bernanke Speaking to the House in February 2007.
  6. 6. Even Though You Never Really Can Predict – We Have Reason For Optimism Because of Jobs
  7. 7. The Jobs Outlook Is Improving http://data.bls.gov/timeseries/LNS14000000
  8. 8. Confidence Plunged Along With GDP, But It's Smoothing Out Bureau of Economic Analysis data
  9. 9. Good Sign – Fewer Vacancies
  10. 10. A Very Good Sign
  11. 11. New-Home Sales Up Sharply from the Same Time Last Year
  12. 12. But Huge Regional Differences •  North Dakota is booming, so home prices have shot from an average of $130,000 in 2011 to $180,000 now - Zillow Oil rig in Williston, N.D., by Flickr user lindsey gee
  13. 13. Many Areas Are Still In Poor Shape •  Nevada is still struggling to bring back jobs, so home prices remain depressed. •  In 2008, the average house was $211,000. Now $153,000, according to Zillow Photo by Flickr user Thomas Hawk
  14. 14. Even Though You Never Really Can Predict – We Have Reason For Pessimism Because of Aging Boomers and Debt Overhang
  15. 15. As Boomers Downsize, Who Will Buy Their Houses?
  16. 16. As Student Debt Grows, Less Money For Mortgages
  17. 17. Magic Wand Solutions •  Wipe out student debt •  Encourage immigration •  Raze vacant houses •  Create about 12 million jobs •  Give workers raises
  18. 18. To Understand Your Local Market, Look At These Factors Economic Fundamentals: Are Jobs Growing? 1.  How Many Foreclosures Still On the Market? What's the Backlog? 2.  Are Investors Buying Houses?
  19. 19. Local Housing Data Can Be Found at: http://www.cbpp.org/cms/index.cfm? fa=view&id=1406
  20. 20. Questions? Thanks for coming! Marilyn Geewax NPR mgeewax@npr.org Twitter: @geewaxnpr http:/bit.ly/XXX - SUB THIS for workshop slides, handouts Photo by Flickr user Xurble

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