Southern California Real Estate Market Still in Serious Condition

I just got back from Maui, back to writing: Real estate in California looks as if it will be a long time convalescing, and many are wondering if it will ever be the same, whether we are talking about San Diego or Big Bear.
In December the state’s median home price barely moved and sales were fewer than 2009. It doesn’t take an economist to tell you that California’s employment, or lack thereof, and its general financial predicament are keeping the housing market down. I know that Big Bear real estate has certainly been affected and on the while Big Bear is not the same as the broader market. Denver real estate has also been affected and this is causing ripples in the local economy which effect you if you are a Denver Co Electrical contractors firm, for example.
This effects the said Denver Co Electrical contractors companies because of new installations in homes well as things like breakers, dimmers, Surge protectors, electric panels, 220 volt device and Outlet replacement, etc.
By Alejandro Lazo, writing for the Los Angeles Times, posted a piece today, January 19, 2011, under the headline, “Few bright spots in Southern California housing market.”
Lazo writes that Southern California’s housing market saw prices falling in December, with most counties and the region’s median price scarcely improving over ‘09.
He reports that the median price paid for a home in the region was $290,000, up 1% from November and 0.3% from December 2009, citing data released Tuesday by San Diego research firm MDA DataQuick.
Lazo noted, “It was the smallest year-over-year gain in the median…”
Jacquelynne Chimera, an analyst for investment bank Keefe, Bruyette & Woods, was quoted as saying, “Southern California is starting to show some of the weakness that the state as a whole has been showing.
“Given the fact that higher-priced homes are more prevalent in the market…,” she said. “Home prices were basically flat.” I know that there has been a similiar situation on Mauai but I guess one of the differences is that there ismuch less Maui real estate so that obviously has the net effect of proptecting the price of Mauai real estate to some extent. Californis is not the same.
Further, the median sale price comparing last year to ‘09 was down in Los Angeles (2.7%), Orange (5.7%), San Bernardino (1.3%) and Ventura (1.4%) counties; the median in San Diego and Riverside counties was up 0.9% and 2%, respectively, Lazo reports.
Kerry D. Vandell, director of UC Irvine’s Center for Real Estate, was quoted as saying “… (it) will affect various communities.”
All in all, Lazo says regional economists have said the housing market won’t substantially improve until the job picture does.