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(EMAILWIRE.COM, March 05, 2007 ) SACRAMENTO, CA – California’s troubled housing market has not been able to turn the corner on the downturn in home values and sales, and the state has seen job loss issues arise as well. Many experts suggest that, despite the continued fears of a sharper hit to the battered single family home sector of the economy, the overall state economy will be able to weather the storm.California’s Employment Development Department (EDD) reported today that payroll in the state declined by 4,500 jobs. The unemployment rate remained unchanged though at 4.8%. In the capitol region the unemployment rate rose to 5.3% and the region is estimated to have lost slightly more than 11,000 jobs, many of them seasonal.Interestingly enough, many construction jobs were added in the state in 2006 despite the housing market slowdown, but many of these were in commercial construction or government construction. Again, showing the inverse correlation with statewide data, the Sacramento region lost more than 2,500 construction related jobs. This drop follows a more than five year period of booming housing construction, and many experts suggest that the end is not in sight.According to Chris Thornberg, Principal of Beacon Economics, “housing really hasn’t hit the ropes yet. You’re going to start to see the weakness in construction jobs.”Another housing expert, Patrick McGilvray, J.D., President of http://www.TheHomeBuyingCenter.com, had this to say, “I am, unfortunately, not surprised to see more difficlt news about housing in California, Sacramento in particular.”Mr. McGilvray continued, “We had a veritable real estate Gold Rush during the early years of this decade, and people dealt the same way with the housing market that they did with the dot-com stock market boom. Greed and speculation, fueled by irresponsible mortgage lending practices, have set up our region as one of the most overvalued real estate markets in the country, if not the world.”Tempering the job losses attributable to housing were growth patterns in government, education, and leisure and hospitality jobs.Contact:Patrick McGilvray, J.D. patrick@thehomebuyingcenter.comTel: 916-920-3278 http://www.thehomebuyingcenter.com
Patrick McGilvray, J.D.
Patrick McGilvray, J.D.
patrick@thehomebuyingcenter.com 
Source: EmailWire.com
(EMAILWIRE.COM, March 05, 2007 ) SACRAMENTO, CA – California’s troubled housing market has not been able to turn the corner on the downturn in home values and sales, and the state has seen job loss issues arise as well. Many experts suggest that, despite the continued fears of a sharper hit to the battered single family home sector of the economy, the overall state economy will be able to weather the storm.California’s Employment Development Department (EDD) reported today that payroll in the state declined by 4,500 jobs. The unemployment rate remained unchanged though at 4.8%. In the capitol region the unemployment rate rose to 5.3% and the region is estimated to have lost slightly more than 11,000 jobs, many of them seasonal.Interestingly enough, many construction jobs were added in the state in 2006 despite the housing market slowdown, but many of these were in commercial construction or government construction. Again, showing the inverse correlation with statewide data, the Sacramento region lost more than 2,500 construction related jobs. This drop follows a more than five year period of booming housing construction, and many experts suggest that the end is not in sight.According to Chris Thornberg, Principal of Beacon Economics, “housing really hasn’t hit the ropes yet. You’re going to start to see the weakness in construction jobs.”Another housing expert, Patrick McGilvray, J.D., President of http://www.TheHomeBuyingCenter.com, had this to say, “I am, unfortunately, not surprised to see more difficlt news about housing in California, Sacramento in particular.”Mr. McGilvray continued, “We had a veritable real estate Gold Rush during the early years of this decade, and people dealt the same way with the housing market that they did with the dot-com stock market boom. Greed and speculation, fueled by irresponsible mortgage lending practices, have set up our region as one of the most overvalued real estate markets in the country, if not the world.”Tempering the job losses attributable to housing were growth patterns in government, education, and leisure and hospitality jobs.Contact:Patrick McGilvray, J.D. patrick@thehomebuyingcenter.comTel: 916-920-3278 http://www.thehomebuyingcenter.com
Patrick McGilvray, J.D.
Patrick McGilvray, J.D.
patrick@thehomebuyingcenter.com
Source: EmailWire.com
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