San Diego Unemployment Hits the Double Digits

Submitted by Rich Toscano on July 17, 2009 - 5:52pm

The local unemployment rate hit 10.1 percent last month, according to the latest estimates from California's Employment Development Department. The below graph shows that June's unemployment rate was notably worse than anything seen in the prior two recessions -- not that anyone was suggesting otherwise.

continue reading at voiceofsandiego.org

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Submitted by barnaby33 on July 17, 2009 - 11:13pm.

I suspect that the year-over-year figures may start to look less dismal soon.

You are such an optimist.

Submitted by sdybob on July 17, 2009 - 11:34pm.

Unemployment does not really have an effect on high end market, since all of owners almost have unlimited resources.....:-)

I would not be surprised if some bulls will come out and say this.

Submitted by BGinRB on July 18, 2009 - 9:20am.

You got that wrong.
Unemployment has no effect on the housing market - 10.1% unemployment means 89.9% are employed, jumping from one bidding war to another.
There, fixed that for you.

Submitted by moneymaker on July 18, 2009 - 10:08am.

There is no doubt that there is a lot of money out there on the sidelines,but just like the government getting paid through taxes all the rich people got their money from poor people. I think the only hope for the rich is to find other poor people(china) to sell their shit to,oops did I say that! I personally hope Citi and Bank of America would just disappear,Citi is pretty much pumping more money into the hands of the Arabs and Bank of America has been screwing people for as long as I can remember,aren't they the ones that went above the 3% transfer fee first,as if 3% wasn't already a ripoff.Ok maybe I should have posted this on Craigslist under rants.

Submitted by peterb on July 19, 2009 - 9:24am.

How does unemployment effect the RE market?
Check out the good Dr.'s latest analysis:
http://www.doctorhousingbubble.com/

Submitted by Zeitgeist on July 20, 2009 - 4:02pm.

The hits just keep on coming:
Real Unemployment at 16.4%

"WASHINGTON - June 5 - The real unemployment rate released today by the Bureau of Labor Statistics is 16.4%, 7 points higher than the officially reported rate."

"The real rate includes marginally attached workers which the BLS reports 'are neither working nor looking for work but indicate that they want and are available for a job and have looked for work sometime in the recent past. Discouraged workers, a subset of the marginally attached, have given a job-market related reason for not looking currently for a job. Persons employed part time for economic reasons are those who want and are available for full-time work but have had to settle for a part-time schedule.'"

http://www.commondreams.org/newswire/200...

Submitted by 4plexowner on July 20, 2009 - 5:19pm.

"How does unemployment effect the RE market?"

Fewer New Households Formed in Recession

http://www.washingtonpost.com/wp-dyn/con...

and fewer households being formed leads to what?

Apartment Vacancies Hit Record Highs

http://www.businessweek.com/the_thread/h...

~

we are in a steep downward spiral - hoping for change and trying to spot green shoots isn't going to change that

Submitted by jpinpb on July 20, 2009 - 7:16pm.

I think any green shoots from the spring April showers are now dying and choking from the heat of the California sun.

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