According to economists at the Mihaylo College of Business and Economics at Cal State Fullerton, Orange County’s economic recovery is largely tied to the bustling real estate market. While jobs have been slower to return to the region, Orange County is leading California and the U.S. when it comes to a recovery from one of the worst recessions on record. And the housing market has a lot to do with it.
Orange County is posting housing growth data that is indicative of an economic recuperation, and the overall health of the market is helping to push the economy back onto stable footing. Orange County home prices bottomed out in 2008, but stabilized once again in mid-2012 according to the economists at Cal State Fullerton. They are calling for annual price appreciation of 7-10%.
Still, experts are wondering when the unemployment rate will catch-up to the bustling real estate market. The housing recovery is helping somewhat, including adding construction jobs that were sidelined when builders and contractors were forced to abandon projects after the housing market collapsed. The unemployment rate in Orange County is normally well below the national average, but shot up dramatically in January 2010 when it topped out at 9.9%. Since then, unemployment rates have been improving. In February, unemployment hovered at 6.5%, below the national rate of 7.6% and California’s rate of 9.6%.
As more and more buyers pound the pavement looking for Huntington Beach homes to buy, the picture is sure to get rosier. Currently, inventory issues seem to be the biggest talk around town, as demand is outpacing the supply of available homes. It’s news to the ears of builders who are restarting their work on projects they were forced to sideline during the recession, and many Huntington Beach homeowners are hopeful that the worst of it all is behind us.
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