LA based Beacon Economics paints a bullish picture about the rest of 2013 and California.Here are a few bullet points.
- Beacon Economics is expecting the U.S. economy to grow by 3% through 2013 with continued gains in employment – the nation has been adding over 200,000 jobs monthly for the past few months – and an unemployment rate that will drop to 7% by the end of the year… Read More.
- Optimism for the rest of 2013 is being partly driven by a resurgent housing market. Home prices have been climbing at a significant pace and will continue to rise through this year and 2014, at a minimum. The reason for the jump in prices is simple—tight inventories and incredible affordability… Read More.
- Beacon Economics does not believe the nation is entering another housing bubble. Rather than being overpriced, homes still appear to be underpriced from a long-run perspective. Home prices could rise by upwards of 35% or more from current levels before they would look misaligned with fundamentals… Read more.
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California Forecast: Economic Recovery Stronger Than Believed
- The labor market in California has hit its stride with every major region of the state and the majority of industries making a definitive turn toward job growth… Read More.
- The median price of an existing single-family home in California rose 23% in 2012. Over the past 12 months, real estate has transitioned from being a drag on the state’s economic recovery to being a driver of growth. Beacon Economics is forecasting price appreciation to remain robust through 2013 and 2014 before returning to more historical norms in 2015… Read More.
- Tourism remains a force to be reckoned with in California. At over 70%, California’s hotel occupancy rate far exceeds the national rate of 62%… Read More.
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