Industry NewsMarkets & Economy

3 signs of sunshine for California real estate

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

Editor's note: This is the second of a two-part series. On Sept. 21, Leslie Appleton-Young, vice president and chief economist for the California Association of Realtors, spoke to a packed house about her latest economic forecast. There's no shortage of bad news in Appleton-Young's forecast; however, there are some definite rays of sunshine that indicate the dreadful market that California and the rest of the country have been experiencing may be on the upswing. 1. Slogging forward Appleton-Young repeatedly stressed the fact that the worst is over. The number of sales in California this year will probably be between 490,000 and 500,000. The issue is the mix of sales. Forty percent are distressed (20 percent bank-owned, or REO, and 20 percent short sales).Two main drivers of these numbers are insecurity about the state's job market as well as the unemployment figures, which are 3 percent higher (12.1 percent) than the national average. If you include those who have give...