Although, it looks like the U.S. economy will enter a double-dip recession, many might conclude that the housing market really has. Normally, when real estate recovers help restore the economy in general and therefore is one of the economic indicators that show that recovery is progressing. Unfortunately, that did not happen this time, and no construction work was created, as was the case during recent economic recovery.
California had some counties that were hit very hard, for example, Riverside County, the foreclosure rates that were very close to the South Florida area of Las Vegas or Phoenix AZ. It grew very fast, and many people bought homes new track at the top of the market for much more than they could afford to spend, and then with all the job losses, there was no way they can make their payments. Meanwhile, households who bought lost 40% in value, some for almost 60% if I can believe.
Not long ago, I spoke with an acquaintance who is currently unemployed in Riverside County, but has returned to school to get a degree so you can personally financially recover from this tragic economic events. He lives in a nice suburban community of Marino Valley. When he explained it to me I said;
"I know that Moreno Valley is good there, but with the recession, which hurt real estate prices there, which is a nuisance, one of the worst affected areas in the U.S. in reality, especially because became so fast, but all the tracks of the middle class who built homes are very nice, how is the neighborhood now, I worry about gangs and crime moves in this moment? "
In fact, I asked if it was really bad with gangs, violence and crime. He said there was a crime, but the next day I read in the newspaper that a young age, only 17 years old, was killed outside a friend's house, where he attended a party there. She was able to drive your car away, but was bleeding badly, and started screaming for help another person in the neighborhood. They called the paramedics took her to hospital but died.
It has often been said that the crime rate increased by 2.5% for every 1% increase in foreclosures. During the last housing crash, the numbers do not seem to jive with recent data from the FBI. But perhaps all this data is now catching up with this reality. And it still looks as if the housing market in these suburban areas, such as Marino Valley can not approach the recovery of at least three years, but more likely five. That would be more than eight years in total, only to return to where things were.
Much of California is going through a cycle of ten years of residential real estate valuations, and it seems that this cycle may be longer, either because of government economic policy, or simply the reality of the size of the bubble erupted in late 2008. In fact I hope to please consider all this and think about it.
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Seeing Science Everywhere
11 years ago
