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 March 13, 2008

San Diego, California Housing Market Update
Great news for the San Diego Housing Market; UCLA economists have recently stated that California and the rest of the United States will endure and will not fall into a recession. They do say that the housing market has been a drain on the recent state of the economy, but economists are saying that it is mostly because of decreased home prices and higher interest rates. What makes it different this time is that it is not due to loss of jobs which was the culprit last time, causing many foreclosures.
Even though some Wall Street big wigs have alread announced that the United States is in a recession, UCLA economists disagree and are predicting that the GDP will fall a bit in the second quarter, but from then on will begin to rise. UCLA economists noted that in 2001 they were the only ones to get the correct prediction on the recession and are confident this time will be no different.

They are also predicting that unemployment will increase a bit, but say the amount of jobs will rise, but it will not be sufficient enough to satisfy the number of people looking for work. Economists say the biggest difference is this time there are not a lot of layoffs, compared to the last time. In 1990 and 2001, the number of people who lost their job was staggering.

Good news for La Jolla. La Jolla real estate continues to remain strong as does areas such as Rancho Santa Fe and Del Mar, where foreclosures are rare and home prices are beginning to stabilize.

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