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Posted by on Jun 20, 2012 in Market Conditions | 3 comments | Print Print

San Diego In Position

From the sddt.com:

The worst of the 2008 financial crisis and real estate collapse may be over for America’s Finest City, according to a report released by the San Diego Regional Chamber of Commerce.

The data in the report, San Diego’s Road to Economic Recovery, shows gradual and positive economic trends for San Diego in the areas of unemployment, real estate, tourism and production. The report examines each of these trends from both a long-term perspective spanning periods pre and post-crisis, as well as first quarter activity from 2012.

The San Diego unemployment rate has fallen from its peak of 10.9 percent in July 2010, yet at 9.6 percent in March 2012, remains well above pre-crisis levels of 4.5-5 percent, according to the report. The biggest gains over the past few months have been in leisure and hospitality, due to the tourism season, as well as in state and local government and health services.

“This report represents yet another positive indication that San Diego is recovering at a faster rate than other cities in California and across the nation,” said Ruben Barrales, Chamber president and CEO. “While the recovery remains slow, San Diego is well positioned for long term success and viability.”

Much like the state and national economies, San Diego is still struggling to fully recover from the 2008 recession but making positive strides, according to the report. Since 2011, San Diego’s economy has performed more favorably than both California and the national economy. In the regional real estate market in the first quarter of 2012, foreclosures saw an average monthly decrease of 28 percent compared to the previous year. San Diego’s occupancy rates in March 2012 were higher than those of March 2007. From their lowest point in March 2009, San Diego home prices saw a modest recovery up until mid-2010 at which point another slip in prices was observed. This downward home price trend has slowed in recent months with the most recent data from February 2012 showing the first year-over-year increase in median home price seen in over a year.

Data and analysis for the report was provided by Export Access Global Consulting, a graduate student-run global market research and consulting group at the University of California San Diego.

3 Comments

  1. Pump & Dump.

    Heavy on the Dump.

  2. I know when the crisis hit, I was thinking “gosh, if we could just get this darn unemployment down to 9.6 percent, we’d be on the road to recovery …”

  3. What do people believe constitutes “fully recover from the 2008 recession?

    According to Zillow (yeah, I know), my home was supposedly worth somewhere around $400k in 2000 and its current “zestimate” is somewhere around $450k. That sounds just about fully “recovered” to me (the value in 2000 plus about 1%/yr since then.

    If people are waiting for homes to return to their bubble values, by my estimation, mine will return to its peak value sometime around the year 2075

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