Orange County received more good news last month when it was reported that area employers have added over 13,000 jobs to the economy. Although this was good news, a 7.1% unemployment rate is still high by historical standards for Orange County. That is expected to drop though with improving conditions.
Good News For Orange County 
If you’ve watched the news lately, there’s been a lot of talk about the fiscal cliff, tax increases and other negative news tied to President Obama’s re-election. In spite of all the negative news lately, more employers in the area are adding permanent jobs within their companies and that’s good news for people like Ana Molina, a Costa Mesa woman, in her 50’s, who has been searching for a full time position for months after losing her long time accounts payable job with a company that recently relocated to Virginia.
More Government Positions Available
One of the biggest factors that’s leading to the increase in jobs within the Orange County area is the public sector including colleges and schools, which have been responsible for bringing on almost 5,000 new positions in the month of October alone. Other markets within the area that have been hiring are: health and educational services, which also added over 3,000 jobs in October as well.
End Of Year Push
As there are now more people in the area working than the year before, other factors that have been leading the economic growth of Orange County have been historically low interest rates that have enabled homeowners to refinance their mortgages or buy a new home for the price they could otherwise rent. With the ability to refinance to a lower payment, thousands of families have been able to gain equity faster and put additional money back to work within the economy. The short sale exemption (expiring December 31st 2012) has also made it possible for Orange County homeowners, who are underwater on their mortgages to short sell their homes and avoid the possibility of paying taxes on any portion of their mortgage that’s forgiven and seen as income.s
To learn more about the economic outlook for Orange County in 2013 or to view the latest homes for sale in the area, contact Fred Sed & Associates today at (949) 272-0125.
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