Local Economists Do Not Predict Double-Dip For San Diego

Posted on August 25, 2011 by Russell Petrone

Houses for Sale in San Diego- Unemployment inched up in San Diego last month, however local economists are not worried. That’s because unemployment typically rises in July anyway, and the one-tenth of one percent rise is less than in previous Julys. Midsummer unemployment usually spikes due to students entering the workforce, summer time employment and education related transitions.

Neither USD economist Alan Gin nor Point Loma University economist Lynn Reaser think that San Diego is headed back into recession. So far there have been 16,800 jobs created in San Diego County and at this pace 2011 job creation could double last year’s 10,000. “We are still digging our way out of a very deep hole, but we are coming out of it,” Reaser said. “In a couple of years , it looks like we will have regained about half of the job losses.”

It’s a great time to consider buying San Diego homes for sale in the county with interest rates at historic low rates. Contact the expert Realtors at Petrone Properties Real Estate Associates for more information at (858) 259-1000 or at www.PetroneProperties.com.

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San Diego to Bounce Along the Bottom, but No Double-Dip

Posted on June 6, 2011 by Russell Petrone

Houses for Sale in San Diego- According to local San Diego real estate expert Gary London and USD economist Alan Gin, San Diego is not headed into a double-dip of real estate prices, but rather is bouncing along the bottom as forecasted. The San Diego economy has continued to add jobs and grow this year and is predicted to continue its slow recovery.

The University of  San Diego Burnham-Moore Center for Real Estate’s Index of Leading Economic Indicators for San Diego grew by .09 in April, the biggest gain since January 2010 when it rose by 1.0 percent. Except for a dip in the national economy, the other five components all advanced higher. The index has risen now in 22 of the past 25 months.  Alan Gin says, “Positive economic growth is expected for the local economy for the rest of 2011″.

Much of the recently predicted  national real estate downturn is based on the S&P Case-Shiller report that describes sales that have occured in late 2010 and early 2011.  As Gary London states, “While the market values and activity are irrefutably down, this index is still tracking mostly distressed sales, which continue to dominate the market. When the ‘want to’ sellers come back, gradually replacing the ‘have to’ sellers, and when lenders start lending we will know where we stand”. He points out that a move in the housing index of 2 percent in either direction is not newsworthy nor can you track the strength of the housing market in short-term increments.   

Read the interview with Gary London and Alan Gin from KPBS studios on May 31, 2011 entitled, “Some Optimism About San Diego Economy, Real Estate” at:

 http://www.kpbs.org/news/2011/may/31/san-diego-economy-real-estate-holding-steady/

For assistance with houses for sale in San Diego contact local real estate expert and Realtor Russ Petrone with Petrone Properities Real Estate Associates at (858) 775-1812 or at www.PetroneProperties.com

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