The who’s who of Santa Clarita real estate, and affiliated industries, gathered at the Hyatt Valencia Friday November 2, 2007 to listen to a few distinguished speakers, including California State Senator, Tom McClintock. The packed audience heard the economic gurus give their 2008 economic forecast for Santa Clarita and California.
The two main speakers, Mark Schniepp of the California Economic Forecast, and Ryan Ratcliff of the UCLA Anderson Forecast, gave somewhat similar accounts with respect to where they feel we are headed for 2008, however Ratcliff was more pessimistic than Schniepp’s outlook.
Below is a snapshot of where the two speakers feel we are headed next year in California, and specifically in Santa Clarita:
Mark Schniepp 2008 Real Estate & Economic Forecast
- Santa Clarita Valley, and California, no economic recession to take place.
- Santa Clarita and California economic growth will continue, but at a slower pace, through the end of 2008.
- There will be a pick up in housing starts in Santa Clarita, and California. Lennar, a home builder currently underway with their West Creek and West Hills communities in Valencia, being one of the key builders for the Santa Clarita Valley.
- Home prices will continue to decrease, however not significantly, no collapse.
- The Santa Clarita Valley population will rise, mainly due to the excellent job and housing opportunities available.
- Currently, the Santa Clarita foreclosure rate is not as bad as many other areas of California. That fact will insulate us a bit more, and will be one of the contributing factors that will prevent major price depreciation.
Ryan Ratcliff 2008 Real Estate & Economic Forecast
- In agreement with much of Schniepp’s forecast, however Ratcliff’s was not as optimistic.
- Slowdown in job growth in California.
- Unemployment rate may reach as high as, or top, 6%.
- Home sales will decline further.
- Home prices will decline further.
- Predicts real estate sluggishness until 2009.
Here is a recent press release on the state of our national and state economy, from the UCLA Anderson Forecast.
Here is a Southern California trend analysis done by the California Economic Forecast firm.
Remember…when buying or selling Santa Clarita real estate, call me 1st.
Robert Mickalson, Realtor
Vintage Sotheby’s International Realty
661.219.2260 or 661.373.2374
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