The Recovery is Not Going to Stall...
Several agents from RE/MAX Fine Homes attended Chapman University's Economic Forecast Update on Wednesday, June 27th. Here are some highlights presented by the A. Gary Anderson Center for Economic Research & The George L. Argyros School of Business & Economics:
- Employment in OC grew 1.1% in 2011 with a 1.4% growth in the first quarter of 2012
- California Consumer Confidence is up to 92.3 in the 2nd quarter of 2012, up from 57.6 in 2nd quarter of 2008.
- Construction spending turned positive in early 2011 and shows a positive trend.
- Rents continue to rise in Orange County
- By 2013 every sector in the economy is projected to show job growth
- In Orange County, the inventory of homes is decreasing, eventually leading to increased demand and an increase in home prices. Forecast in 2012 shows a 2% increase in home prices and a 7.1% increase in 2013.
- Housing affordability in Orange County and other regions of California is at a historical high. Great news! It's time to buy!