Brian
Posts:2628
 |
| 08/31/2008 11:35 PM |
 Alert
|
S.D. economy in recession, expert says
Hiring remains weak; job losses are still high
By Mike Freeman
STAFF WRITER
August 29, 2008
Escalating job losses and the decaying housing market weighed down the local economic outlook once again in July, leaving little doubt among economists that the region is in recession.
signonsandiego.com/uniontrib/20080829/news_1b29sdecon.html |
|
|
|
|
|
|
Brian
Posts:2628
|
| 08/31/2008 11:41 PM |
Alert
|
This is a sobering article about the economy in Washington (which is even more immune to recession because of Federal spending).
I have no doubt that same kind of evictions are happening in San Diego.
RE/MAX office evicted.
---------
Thrown Out of Business
Workers Find Office Contents Dumped at the Curb as Boom Times Skid to a Halt
Stories of people being evicted from their homes after falling behind on their rent or mortgages are all too common these days. But these days, the end of the boom times is hitting businesses as well.
Nationwide, U.S. business insolvencies grew 44 percent last year, a rate that was expected to increase this year, fueled largely by real estate failures, according to Euler Hermes, a global provider of credit insurance to businesses that publishes an annual global insolvency index.
In counties like Prince George's, where the ReMax office was, nearly 10,000 eviction notices are filed by landlords each month. A fraction of them are businesses -- the exact number is not clear -- necessitating a visit by the sheriff's office.
washingtonpost.com/wp-dyn/content/article/2008/08/31/AR2008083101464.html
|
|
|
|
|
Brian
Posts:2628
|
| 09/01/2008 4:36 PM |
Alert
|
S.D.-based Overland has had 2 rough years
By Mike Freeman
UNION-TRIBUNE STAFF WRITER
August 30, 2008
Overland Storage let 53 employees go yesterday as it trims costs while attempting to reshape its data storage business.
The San Diego company has struggled for the past two years after its top customer, Hewlett-Packard, drastically cut back purchases of data storage drives from the company. The job cuts amount to 13 percent of Overland's work force.
http://www.signonsandiego.com/news/business/20080830-9999-1b30overland.html |
|
|
|
|
jpinpb
Posts:1689
|
| 09/01/2008 7:58 PM |
Alert
|
| I post this b/c it is a sign of the times. Went through PB today and on Mission Bay Drive there used to be a fencing company and a marble/granite tile place. Both are gone. Not sure if moved or just closed shop. In any case, more businesses that fed off real estate will be suffering. |
|
|
|
|
Brian
Posts:2628
|
| 12/01/2008 4:15 PM |
Alert
|
Dow plunges 680 points
Stocks slump as U.S. recession is officially called and signs point to a prolonged slowdown.
By Alexandra Twin, CNNMoney.com senior writer
Last Updated: December 1, 2008: 6:22 PM ET
NEW YORK (CNNMoney.com) -- Stocks got hammered Monday, as investors bailed out following confirmation that the U.S. is mired in a recession and indications that it's likely to continue for some time.
The Dow Jones industrial average (INDU) lost 680 points, its fourth-biggest single-session decline on a point basis ever. The decline was 7.7% in percentage terms - the 12th worst percentage one-day decline ever.
http://money.cnn.com/2008/12/01/markets/markets_newyork/index.htm?postversion=2008120118 |
|
|
|
|
Joke4Today
Posts:65
|
| 12/01/2008 4:21 PM |
Alert
|
Happy Holidays from Debbie Downer......
http://www.nbc.com/Saturday_Night_Live/video/clips/debbie-downer/32806/ |
|
|
|
|
LoonyQT
Posts:931
|
| 12/01/2008 8:43 PM |
Alert
|
| 7th worst, I heard on cnn... not 12th |
|
|
|
|
ownhomeinSD
Posts:168
|
| 12/02/2008 8:30 AM |
Alert
|
Don't worry about San Diego. It is No.2 America's most favorite cities to work and live.
America's Most and Least Favorite Cities
America's most favorite cities:
1. New York
2. San Diego
3. San Francisco
4. Las Vegas
5. Los Angeles
America's least favorite cities:
1. New York
2. Detroit
3. Los Angeles
4. New Orleans
5. Chicago
BTW, San Diego county inventory is 16,568 now. It maybe too late when people wake up sometime next year.
|
|
|
|
|
airplanedad
Posts:133
|
| 12/02/2008 9:30 AM |
Alert
|
Posted By ownhomeinSD on 12/02/2008 8:30 AM Don't worry about San Diego. It is No.2 America's most favorite cities to work and live. America's Most and Least Favorite Cities America's most favorite cities: 1. New York 2. San Diego 3. San Francisco 4. Las Vegas 5. Los Angeles America's least favorite cities: 1. New York 2. Detroit 3. Los Angeles 4. New Orleans 5. Chicago BTW, San Diego county inventory is 16,568 now. It maybe too late when people wake up sometime next year.
Look closely: New York and LA make both lists and NY is number one on both lists! San Diego could very well be one of those places that people have a love/hate relationship with. Maybe for many people San Diego is great only "IF" you can afford it. |
|
|
|
|
ownhomeinSD
Posts:168
|
| 12/02/2008 9:52 AM |
Alert
|
| If you consider New York and LA make both lists and compare the affordability with New York and San Francisco, San Diego is actually ranking No.1 city people love to work and live. Yes, I agree that for many people San Diego is great "IF" you can afford it. |
|
|
|
|
airplanedad
Posts:133
|
| 12/02/2008 10:07 AM |
Alert
|
Posted By ownhomeinSD on 12/02/2008 9:52 AM
If you consider New York and LA make both lists and compare the affordability with New York and San Francisco, San Diego is actually ranking No.1 city people love to work and live. Yes, I agree that for many people San Diego is great "IF" you can afford it.
ownhome: does that mean you have changed your hypothesis that SD is well insulted because of desirability--not withstanding affordability issues?
Maybe there are insufficient data on the topic, but I worry relative unaffordability increases our city's chances of some swings in it's fortunes and makes it more prone to recession than a city that is affordable for people at all socio-economic levels. |
|
|
|
|
Brian
Posts:2628
|
| 12/02/2008 10:23 AM |
Alert
|
New York City (Manhattan) is my favorite city in America. But I can't afford to live there in the style that I wish.
My cousin who lives just outside NYC thinks of San Diego as her favorite city (but only in her mind). They will, however, retire in Raleigh, NC where her daughter lives.
Favorite is only IF certain parameters are met.
I think that I might like to live in Rio De Janairo for a while before moving on to some other place. Problem is I need the money and income to do so.
Do you guys read the New York Times real estate features? They have stories about an executive who built a house in Thailand, a couple who renovated a villa in Italy to be near their daughter who was attending art school, an entrepreneur who married and built a house in Norway, etc...
It must be nice to be able to purchase real estate on a whim.
http://www.nytimes.com Because of the View
|
|
|
|
|
ownhomeinSD
Posts:168
|
| 12/02/2008 10:35 AM |
Alert
|
Posted By airplanedad on 12/02/2008 10:07 AM
ownhome: does that mean you have changed your hypothesis that SD is well insulted because of desirability--not withstanding affordability issues?
Maybe there are insufficient data on the topic, but I worry relative unaffordability increases our city's chances of some swings in it's fortunes and makes it more prone to recession than a city that is affordable for people at all socio-economic levels.
San Diego is much affordable than 2~3 years ago. For those people at up level and looking for houses with ocean view, affordability isn't a problem if they can afford housing in New York and San Francisco. For those people enjoying beachs in weekends and love the wonderful weather in many San Diego areas, housing is affordable for many people if you not forcing yourself to live in west of I-5.
I would say housing prices in some San Diego area is already underpriced based on the desirability and affordabilty data:
New York:
Median household income: $48,631
Median home value: $584,761
San Francisco:
Median household income: $68,023
Median home value: $766,985
San Diego:
Median household income: $61,863
Median home value: $393,029 |
|
|
|
|
jakob
Posts:549
|
| 12/02/2008 10:43 AM |
Alert
|
| I love the NYT RE pieces! I read almost every single one. I like your retirement plan of living in different cities around the world. Don't forget about Copenhagen. I'm biased, but perhaps the best quality of life in a big city anywhere. Amazing warm culture once you get to know people, not to mention amazingly beautiful women. :) |
|
|
|
|
ownhomeinSD
Posts:168
|
|
Brian
Posts:2628
|
| 12/03/2008 12:31 PM |
Alert
|
San Diego's economic indicators point to continuing recession
By Dean Calbreath
2:08 p.m. December 2, 2008
San Diego County's index of leading economic indicators fell sharply in October, offering new evidence that the recession will last through at least the first half of next year.
The index – released Tuesday by the Burnham-Moores Center for Real Estate at the University of San Diego – plummeted 2.3 percent in October, which wasthe biggest monthly decline in the index's 17-year history.
The index has been on a downhill slide since April 2006. In October, all six of the measures used to judge the health of the local economy were in negative territory:
http://www3.signonsandiego.com/stories/2008/dec/02/n8221814837-no-headline/?zIndex=18363 |
|
|
|
|
Brian
Posts:2628
|
| 12/03/2008 12:50 PM |
Alert
|
Economists see county recession's long reach
Some regional experts date slump to spring '07
By Dean Calbreath
STAFF WRITER
3:02 a.m. December 3, 2008
Although the nation's leading economists have determined that the national recession began in December 2007, regional economists are split over when San Diego County slipped into recession.
Some mark the beginning of the recession as early as spring 2007. Others say it did not begin until spring of this year. But they agree that the county – like the nation – is likely to remain in recession at least through the first half of 2009.
SDUT - Long Reach of Recession |
|
|
|
|
Jack**
Posts:102
|
| 12/03/2008 5:01 PM |
Alert
|
I'm in the structural steel business and steel work in SD and across the country took a nose dive starting two months ago.
It never fails - times get really hard for the entire county when the steel biz goes down. If we're really lucky and the cycle repeats
itself as it has during the past few (recessions) decades it will turn around in March 2009. But I not holding my breathe this time.
|
|
|
|
|