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Crisis is Solved Public Policy Home prices are finally declining locally and nationally, with the inventory of unsold homes growing. So is San Diego's housing crisis solved? Not even close. The National Association of Realtors recently released data indicating that the national median home price fell in August to $225,000 from $229,000 last year, the first year-over-year price drop in 13 years. The NAR predicts the trend will continue into 2007, and then stabilize. San Diego just saw the third consecutive month of year-over-year declines, with the median price dropping from $493,000 in August 2005 to $482,000 this past August. In addition, home sales have declined substantially, with the inventory of existing unsold homes increasing to 22,785 units in late September from 14,273 a year earlier. Some contend that the region's housing affordability crisis is coming to an end and that falling prices and rising inventory diminishes the need to build new homes. Not so. The present market environment means homes are still out of reach for the vast majority people looking to own in San Diego. With an area median income of $64,273, a median-priced home is still way beyond the grasp of most San Diegans. The recent rise in interest rates makes it even more difficult to qualify for the necessary financing to buy a median-priced home. Nor is the present market environment favorable for developers to produce units priced between $200,000 and $400,000. Increase in both land costs and building materials makes it difficult for even nonprofit developers to produce homes in this affordable range, and government regulations add considerable delays and expenses to a project. For the rest of the story click here |
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18th Annual Business Expo The Largest Prospecting Event of the Year Brought to you by Union Bank of California. Meet face-to-face with prospects (more than 1,000 attendees expected), not to mention the other 150+ companies exhibiting. This is an opportunity to generate business-to-business and/or business-to-consumer leads. When: Town and Country Resort & Convention Center 500 Hotel Circle North Where: Tuesday, Nov. 7 11 a.m. – 5 p.m. Cost: Admission free for attendees Standard Booth Package: Chamber Member: $825 Prospective Member: $925 Nonprofit Member: $500 (limited availability) Sponsored by: Enlace, Herr Photography, Office Depot, The San Diego Union-Tribune, SignOnSanDiego.com, Town and Country Resort and Convention Center, US Bank, Viejas Enterprises, Westland Insurance Brokers and Yellow Book. For more information visit www.sdchamber.org |
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Thank You to our
Renewing Members Chamber Press Releases Hot off the press |
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Members in Action Announcements, awards and more! Chairwoman's Report News from the Chamber Board |
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Your Business Advocate Leveraging its robust membership, collaborations with other organizations and political access, the San Diego Regional Chamber of Commerce's business advocacy team initiates legislation and lobbies for policies that create a stronger pro-business environment. |