Worst of the Reccession is Past, Home Sales Up
economic recession and may show signs of recovery sooner than other
parts of the state and the nation, speakers at the fourth annual
Economic Summit said on Wednesday.
ago levels, the speakers agreed that the economy appears to be in a
consumers are unsure if another wave of foreclosures is on its way. Or,
they wonder, if today’s relative calm suggests that the perfect storm
that battered the economy in 2008 – lead by a decline in home sales, a
plunge in prices and a lockdown in credit – has passed with brighter
condition. The wind is out of that sail,” said Dr. William Roberts,
director of the Economic Research Center at California State
Economic Summit which drew 400 attendees for a daylong look into
multiple facets of the economy. The Southland Regional Association of
Realtors was a major sponsor of the summit, providing information on
the ongoing improvement in home sales and the apparent bottoming out of
secretary of the California Business, Transportation and Housing
Agency. Johnson, the L.A. Lakers’ basketball legend and business
entrepenuer, was introduced by Los Angeles Mayor Antonio Villaraigosa.
Reports on each of their presentations will appear on this page in
in terms of the many faces of its residents and the wide variety of
businesses serving the community. That suggests, along with multiple
indicators, that recovery may appear here sooner than in other parts of
the nation. Economists generally agree that recovery won’t gather full
force until 2010.
such as buying a home, Roberts said, “but then look for confirming
businesses believe they will lay off workers this year. Twenty-three
percent of local companies plan to hire more workers while 51 percent
of Valley businesses think their workforce will be stable.
175,000-member California Association of Realtors, agreed that home
sales statewide are improving ahead of the rest of the nation.
2010,” Kleinhenz said. “Nationally, the housing market is dead in the
water, but California home sales are up 143 percent over 2008.”
year,” he said, “and there is concern about what may be a false bottom
in home prices.”
presence of what some call a “shadow inventory” – distressed properties
held by banks but not yet on the market – has some experts wondering if
today’s calm will continue.