San Diego Real Estate Bubble Caused Local Recession
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San Diego’s local economy was largely real estate driven in the early part of the century. The real estate bubble fueled an economy that fed real estate agents, mortgage brokers, and construction workers, and fed off itself. Capital came in from across the country and people spent the equity that accrued in the bubbly period.
But when that bubble burst, economist now say it through the local economy into a recession before the rest of the country. And with a higher cost of living it will be harder to come out of it. Add to that the high level of taxes paid in California, and you have a region that will stagnate longer than the rest of the country.
So the most beautiful city in the country makes no economic sense to live there. What a shame.
Most economists agree that San Diego’s economy started slowing earlier than the nation’s because of the effects of the housing bubble, which were felt earlier in Southern California than in most other parts of the nation.
The decline in housing prices led to unemployment among construction workers, mortgage brokers and real estate agents and cutbacks in sales at furniture and home improvement stores. Over the past year, the effects have spread through other sectors of the economy. via SignOnSanDiego.com
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Comment by Rochester MN Real Estate on 3 December 2008:
Great Real Estate
post … very interesting.
Pingback by Test on 4 December 2008:
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Pingback by There’s no place like Atlanta on 4 December 2008:
[...] cost of housing. I think he’s right too. Hopefully that will be what carries Atlanta, whose, like San Diego, economy was largely real estate based, but, unlike San Diego, is affordable - incredibly [...]