San Diego County Posts Great Growth in June

There is no doubt in anyone's mind here in San Diego that the local real estate market has been brought to its lowest levels ever the last few years. Poor lending practices, which ultimately led to a plethora of foreclosures and short sales, forced home prices way down and the recovery has been slow, if at all, in the last six months or so. Another major reason has been the slowness of the local economy. Who can take the chance of purchasing a new home when their job status is uncertain at best? Simply put, the San Diego job rate in the lean real estate years of 2009-present time has been extremely low. Finally, there appears to be a glimmer of hope on the horizon. June's numbers show that county employers added more jobs in June than in any single month in two years. Let's remember this comes during major economic woes in Europe, health care reform and an upcoming presidential election, all reasons for pessimism. If we compare the June 2011 versus June 2012 numbers, we see that 24,000 jobs have been added, a really significant amount. It is the highest year-to-year jump since May, 2005. Let's see how this job growth affects the local San Diego real estate market in the near future.