Kings Jobless rate at 9.3%
The unemployment rate in Kings County was 9.3 percent in October 2020, down from a revised 10.0 percent in September 2020, and above the year-ago estimate of 6.6 percent. This compares with an unadjusted unemployment rate of 9.0 percent for California and 6.6 percent for the nation during the same period. There were 38,300 non farm jobs compared to 41,100 a year earlier. Month-over-month the county lost 400 manufacturing jobs.
Existing home sales up – inventory down
Home sales are up but inventory is way down. An extremely favorable lending environment and a renewed attitude towards homeownership is prolonging the homebuying season and extending the market’s V-shaped recovery to the off season,” said California Association of Realtors(CAR) Chief Economist Leslie Appleton-Young. “The question that remains to be answered, however, is whether the strong market is sustainable in the longer term as market fundamentals continue to be tested by tight supply, eroding housing affordability, and most of all, the rising number of Coronavirus cases.”
CAR reports active listings in California continued to decline significantly, with most regions declining more than 40 percent from last year. The Central Valley had the biggest year-over-year drop of 49.6 percent in October.
With less choice, buyers are not waiting to make a deal.The median number of days it took to sell a California single-family home was 10 days in October, down from 24 in October 2019. The October 2020 figure was the lowest ever recorded.
In Kings County, home sales in October were an impressive 37.5% higher than October 2019 with the median price of $295,700 compared to $251,000 a year earlier. Time on the market was just 6 days.
Hanford to get new home subdivision
San Joaquin Valley Homes recently closed on land in Hanford, Calif., to build Live Oak, a new master-planned community. Located in south Hanford on 12th Avenue between Hume Avenue and Houston Avenue, Live Oak will eventually consist of a total of 578 homes, a community park and open space.
The first two neighborhoods, Sterling Oaks and Hidden Oaks, will feature 208 new single-family detached homes. Model construction at both communities is planned to begin in February 2021 with completion scheduled for late spring.The company is based in Visalia.
Some may not want to take COVID vaccine
The Valley’s large Catholic population may be conflicted over taking a COVID-19 vaccine when one becomes available in coming months. Catholics make up around third of the population in the Valley with majority being Hispanics -a segment that has been hard hit by the pandemic.
Worried about ethical concerns and the use of stem cells in vaccine development, Bishop Joseph Brennan of the Diocese of Fresno is urging Catholics not to “jump on the COVID-19 vaccine bandwagon” according to press reports.
Some of the vaccines being developed are using the HEK-293 cell line, one commonly used in vaccines is derived from aborted fetal tissue including the vaccine being developed by the University of Oxford and Astrazeneca.
New contractor at NAS Lemoore
Military contractor PAE is out and Vertex Aerospace is in- employing around 300 at the Kings County navy base.The Mississippi-based Company operates in over 100 locations worldwide and sports a 50 percent veteran employee rate.