San Diego's Job Situation Darkens

Submitted by Rich Toscano on December 22, 2008 - 11:41pm

According to the latest EDD estimates, San Diego's employment situation deteriorated noticeably in November. The retail industry took the worst of it, turning in a year-over-year decline of 6,400 jobs or or 4.2 percent.

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Submitted by LA_Renter on December 23, 2008 - 9:08am.

This should set up a nice bounce in Real Estate this Spring.

Submitted by peterb on December 23, 2008 - 10:39am.

I stand by my prediction made 3 months ago. 2009 will be a devistating year for real estate as unemployment grows and home prices continue to decline. A spring bounce is looking less and less likely as the terrible economic news from around the globe seems relentless.

Submitted by Mark Holmes on December 24, 2008 - 12:57pm.

I stand by last weeks prediction that San Diego median will decrease by 25-30% between now and December 2009.

But I wish people would start looking at it in another way...

Where are the news stories celebrating the increase in affordability of housing?

Submitted by barnaby33 on December 24, 2008 - 5:34pm.

You know Rich, I think the problem is that you just don't like to draw graphs with upward sloping lines. I mean really, would it be so hard? I know you love your downward bias, but come on, lets not be so negative all the time.

Submitted by Rich Toscano on December 24, 2008 - 6:18pm.
Submitted by CA renter on December 27, 2008 - 5:30pm.

Those graphs look pretty stark, Rich. Thanks for posting that.

Other than those using housing as a hedge against a dollar collapse/inflation, I don't see why anyone would be buying right now, especially in the mid-higher tier areas that have just had minimal drops so far.

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