Southern California Real Estate Depends on... People being employed and able to buy a home. This is the most critical part of the equation. And the news is encouraging. The fact of the matter is that in October 151,000 jobs were added to the rolls. It's a far cry from the millions that we need, but it's a number to the positive, it is not paltry and it is not temporary government Census jobs. When you consider that people are still getting married, getting divorced, relocating and all the other factors that influence in buying a home, then the activity (and opportunity) will still be there. What's more is that the worst of the recession is over, despite the dire predictions the naysayers have been making since the worst of the recession. Here is the latest from the Atlanta Journal Constitution.
This is great news. For the second month in a row sales are up. Your half-empty glass crowd will say that it's down from a year ago, but in today's economy each year is a different dynamic. Yesterday we saw that there were over 150,000 jobs added. Now we see increased home sales. We are slowly recovering from what is the worst recession most of us has ever witnessed. Combine that with the fact that the news on broadcast TV has been all but canceled (except for sensationalist or embarrassing celebrity stories), and the population, even without accurate information about real estate, is still moving forward. And for each home sold forty other industries are activated. Yes, we need to be cautious, wise with our spending and mindful of work. Chances are we always should be. But there is plenty of room for optimism. RISMedia carries the story.