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- Recovery is imminent for California's economy and ...
Recovery is imminent for California's economy and housing market
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http://www.latimes.com/business/la-fi-cal-econ18-2009jun18,0,6354615.story
"An economic recovery will begin in the middle of this year, but many Californians won't feel the benefits of it until 2010, forecasters at Chapman University said today.
That's because the Golden State is in its deepest and most profound recession since the Great Depression, dragged down by sluggish construction activity in both the residential and nonresidential markets.
The Chapman forecasters expect nonfarm payroll employment in California to continue falling through the end of the year before beginning to rebound in the fourth quarter of 2010. California will lose an estimated 437,000 jobs in 2009 and an additional 56,000 jobs next year, they said.
Chapman forecasters expect home prices to strengthen in 2010 as banks become more willing to lend to prospective buyers and fewer new homes come on the market. Home prices will rise 0.8% in the state and 1.6% in Orange County after falling by about 25% a year the last two years, the economists say."
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