Yesterday, Governor Schwarzenegger's special adviser on jobs said that the economy has bottomed out and that we could expect slow, steady growth in the OC. He, (David Crane), continued to say that there's won't be major increases in employment any time soon, and the dean of UCI's School of Business, (Andrew Policano), agreed.
Policano predicted that the recovery would expand at a 2% to 3% annual rate.
Now I'm happy that things are looking up, but can't help wondering if this will be a self-fulfilling prophesy. Are things in the real estate industry going to pick up slowly?
I mean, if they had said that we should expect "fast, frenzied" growth, would buyers who are sitting on the fence, be on the phone to their Realtors & lenders now, wanting to buy a home TODAY, while there's still inventory?
Similarly, if the message had been that the worst is still to come, would those buyers that are seriously looking right now, scurry to find a fence to sit on? Time will tell.
Month to date, 10 Woodbridge homes have sold.
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