California Association of Realtor’s chief economist, Leslie Appleton-Young, delivered her predictions for 2006’s Real Estate Market at Trump National Golf Course (Yes it’s “The Donald”).
Referring to the current state of things as, “the goldilocks economy” meaning, not-to-hot, not-to-cold, she asserted there is no Real Estate Bubble adding, “The median price of a US home has never declined.”
Those who remember a price decline in the 90’s, may rest assured it was caused by massive job losses in this state. My own comment on that period is, while there were declines in prices, few homeowner’s lost their equity except under abnormal circumstances. So even during a decline, a home was a ‘safer’ investment.
So are we headed for another decline? Not yet. Economic forecasts for both California and the United States, call for continues job growth in 2006 which is always a good indicator and good news for the future of the market.
As we create quality jobs, more people just like you, will move into California, raise families and, through it all, I will be here to help with their housing needs!
’06 is off to a great start!
-John
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