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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Perspective who wrote (203758)	5/22/2009 2:58:55 PM
From: Think4Yourself	Read Replies (1) \| Respond to of 306849

Sorry to hear about your mom's way of thinking. It seems telling that I'm in Michigan and I think California is in worse shape California's unemployment rate is higher than Michigan's and California doesn't even have a significant auto industry!

To: Perspective who wrote (203758)	5/22/2009 3:05:47 PM
From: Bank Holding Company	Read Replies (1) \| Respond to of 306849

I want to know what McMannis's mom thinks.

To: Perspective who wrote (203758)	5/22/2009 3:32:35 PM
From: ChanceIs	Read Replies (4) \| Respond to of 306849

California Leads State Job Losses \| A WALL STREET JOURNAL ONLINE NEWS ROUNDUP Forty-four states lost jobs in April, led by California, where employers slashed 63,700 positions, as the recession took a further toll on U.S. workers. Trailing California in month-to-month job losses were: Texas, which saw 39,500 jobs vanish; Michigan, which lost 38,400 jobs; and Ohio, where payrolls fell 25,200, according to a U.S. Labor Department report issued Friday. Compare the Data California's unemployment rate fell to 11%, fifth-highest in the country, from 11.2% last month. Michigan's jobless rate was the highest at 12.9%, followed by Oregon at 12%, South Carolina at 11.5% and Rhode Island at 11.1%. Despite the slight drop in California's jobless rate, economists warned that the state's job market is still ailing. The bleak job market is another worry for state lawmakers, who must close a $21 billion budget deficit through June 2010. Gov. Arnold Schwarzenegger is proposing cutting a variety of social services that many unemployed people rely on. Meanwhile, the number of U.S. workers involved in mass layoffs fell during April, according to a separate report released Friday by the Labor Department. It was the first drop since November. The number of workers involved in the mass layoff actions during April totaled 271,226, down from March's 299,388. These people are identified as initial filers for unemployment insurance. Mass layoffs events totaled 2,712 on a seasonally adjusted basis, down by 221 from 2,933 in March. Mass layoff events involve 50 or more people losing jobs at a single employer. As the recession eats into sales and profits, companies have laid off workers and turned to other cost-cutting measures, such as holding down hours and freezing or trimming pay. Since the recession began in December 2007, the U.S. has lost a net total of 5.7 million jobs. The nationwide unemployment rate now stands at 8.9%, a quarter-century high. Federal Reserve Chairman Ben Bernanke and some economists hope the pace of layoffs will moderate as the recession eases its grip and likely ends later this year. But even if employers reduce firings, the nationwide unemployment rate is expected to hit double digits by year's end. Employers won't be in any mood to ramp up hiring until they feel confident that any recovery has staying power, economists say. In Friday's state report, Arkansas and Montana tied for the biggest over-the-month payroll gains at 1,500 a piece. They were followed by Florida, which saw an increase of 1,300 jobs. It marked a dose of good news for a state that has been especially hard hit by fallout from the housing collapse. On the hiring front, North Dakota again registered the nation's lowest unemployment rate -- 4%. It was followed by Nebraska with a 4.4% jobless rate, Wyoming at 4.5% and South Dakota with 4.8%. Layoffs in manufacturing, construction and retail are common threads running through the states with the highest unemployment rates. Another thread: difficulties faced by South Carolina, Michigan, Rhode Island and other states, to lure new types of companies to help cushion the loss of manufacturing jobs and retrain laid-off factory workers for other kinds of employment. Nearly 6.7 million people nationwide are drawing state unemployment insurance, the highest on records dating to 1967, the federal government reported Thursday. The crush has exhausted unemployment funds in California, New York and elsewhere, forcing them to tap the federal government for money to keep paying benefits.

To: Perspective who wrote (203758)	5/22/2009 3:38:02 PM
From: Peter V	Respond to of 306849

<<< Could you please inform my mother? She's convinced that real estate has bottomed down there, and "coastal" San Diego is never going to come down. >>> while you are at it, tell my wife. She keeps telling me she wants to buy "something" just so the kids have some permanence. I keep saying we'll rent for another year, then buy, but she has already sent the landlord a letter to ask if she will consider selling. I agree with you that the more popular areas simply have not gone off track just yet.

To: Perspective who wrote (203758)	5/26/2009 3:21:30 PM
From: Peter V	Read Replies (1) \| Respond to of 306849

Could you please inform my mother? She's convinced that real estate has bottomed down there, and "coastal" San Diego is never going to come down. Southern California median home price falls to $247,000 in April The price drop drives home sales up. April sales are at record or near-record levels in foreclosure-heavy inland areas; higher-priced coastal areas are seeing record or near-record lows in sales. By Peter Y. Hong May 20, 2009 Southern California's median home price slipped slightly in April, new figures show, but the volume of home sales tells a tale of two housing markets. In distressed areas such as the Inland Empire, homes are selling at a quickening pace, as buyers snap up foreclosed properties at cut-rate prices. But in more expensive areas such as Pacific Palisades and Corona del Mar, activity is still largely frozen. Many well-heeled homeowners who aren't under financial pressure to sell are keeping their properties off the market or holding out for prices that buyers are either unable or unwilling to pay. [Lots More] latimes.com