(Compliments of Craig Smith, Mortgage Master, Inc.)

While last week was packed with central bank meetings and major economic data, there was very little significant economic news this week. The small amount of data that was released this week reinforced the view that the labor market is improving. This is great for the economy, but bad for mortgage rates, and rates ended the week higher.

This week’s reading for Weekly Jobless Claims showed a decline to 323K, the lowest level since January 2008. This marked the third straight week that Jobless Claims were below the 350K level. Weekly Jobless Claims measure the number of new claims for unemployment benefits. There will always be some number of job changes each week, so there will always be new claims. In the years prior to 2008, Jobless Claims mostly held steady between 300K and 350K. The financial crisis then caused Jobless Claims to spike to levels above 600K during the first half of 2009. The labor market has been slowly improving since then, and it appears that Jobless Claims have finally returned to the levels seen before the financial crisis.

Jobless Claims are only one half of the employment story. The other big factor in the strength of the labor market is the number of people being hired. During a recession, companies often reduce the size of their workforce. As the economy recovers, companies first slow the pace of layoffs and then begin to retain their existing employees as business picks up. Eventually, companies reach the point where they need to add employees to meet growing demand. The stronger than expected Employment report last week and the recent Jobless Claims data provide positive indications that the economy may be at this point. Increased job gains will be great news for the economy and for the housing market.

Week Ahead

The most significant economic data next week will be the monthly inflation reports. The Producer Price Index (PPI) focuses on the increase in prices of “intermediate” goods used by companies to produce finished products and will come out on Wednesday. The Consumer Price Index (CPI), the most closely watched monthly inflation report, will come out on Thursday. CPI looks at the price change for those finished goods which are sold to consumers. In addition, Retail Sales will be released on Monday. Retail Sales account for about 70% of economic activity. Industrial Production will come out on Wednesday. Housing Starts will be released on Thursday. Empire State, Philly Fed, Consumer Sentiment, Leading Indicators and Import Prices will round out the schedule.

Courtesy of HGTV.com:

After a long, dark winter, spring’s bright sun and warm winds are, well, a breath of fresh air. The only downside? All that sunshine spotlights your leaf-filled gutters, cracked sidewalks and the dead plants in last year’s flower beds. Dwight Barnett, a certified master inspector with the American Society of Home Inspectors, shared this checklist to help you target the areas that need maintenance so you can get your chores done quickly, leaving you time to go outside and play in the sunshine. MORE

Forget wondering who’s the fairest; when it comes to choosing home improvements that make your home look good — from the curb and to potential buyers — it may make more sense to ask “Who’s the greenest of them all.” Sustainable home improvements not only help reduce utility costs and boost owner satisfaction with their homes, they also make a house more appealing to potential buyers… MORE

(From The Morning Call)

History:   South Philadelphia began as a satellite town of Philadelphia, with small townships such as Moyamensing and Southwark. During the Industrial Revolution,  the area saw rapid growth, in part due to mass immigration from Ireland. Its urbanized border reached that of Philadelphia. Along with all other jurisdictions in the county, South Philadelphia became part of the City of Philadelphia proper with passage by the Pennsylvania legislature of the city/county Act of Consolidation, 1854. The area continued to grow, becoming a vital part of Philadelphia’s large industrial base and attracting immigrants from Italy, Ireland and Poland and many other countries during the 19th and early 20th centuries, as well as Black American migrants from the southern United States during the Great Migration of the early 20th century. The immigrants and migrants became the basis of South Philadelphia’s unique and vibrant culture that developed over the next several decades.

Most of South Philadelphia’s communities are largely Italian American. There also continue to be many ethnic Irish Americans and African Americans. An increase in late 20th-century immigration has given South Philadelphia significant populations from Asia: Vietnam, Cambodia and Thailand; as well as from Russia and Mexico, and smaller groups from dozens of nations across the world. Today, many vendors at the Italian Market are of Asian descent, and Vietnamese and Thai restaurants are interspersed with historic Italian ones in the Market area. The recent revitalization of Center City Philadelphia and the subsequent gentrification of adjacent neighborhoods has led to dramatic rises in prices of housing in the neighborhoods of historic Queen Village, Bella Vista, and some other parts of South Philadelphia.

Many of the community clubs that create the annual Mummers Parade every New Year’s Day have traditionally been from South Philadelphia, especially those located on the largely Irish American S. 2nd Street (“Two Street”) in the Pennsport neighborhood.

(From Wikipedia)

Boundaries: The neighborhood is bordered by South Street to the north, the Delaware River to the east and south, and the Schuylkill River to the west.

Zip Codes:  19145, 19146, 19147, and 19148.

What To See / Do:  South Philadelphia Sports Complex, The Italian Market, South Street, FDR Park, The Navy Yard.

More Information: Not For Tourists

Schools: South Philadelphia High School, Audenried High School, Furness High School, The Philadelphia High School for the Creative and Performing Arts (CAPA), The Mastery Charter School’s Thomas School,  Saints John Neumann and Maria Goretti Catholic High School, Philadelphia Free School.

Public Transportation: SEPTA’s Broad Street Line subway services South Philadelphia and provides quick access to Center City and North Philadelphia. A number of SEPTA bus routes also serve South Philadelphia, ferrying commuters to and from Center City and its immediate suburbs.

FIND SOUTH PHILADELPHIA HOMES FOR SALE

With springtime upon us, there is never a lack of exciting things to do in our fair city. In a recent article in the Philadelphia Sun, writer Renee S. Gordon takes us through some interesting options to Experience! Philadelphia