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Long Beach Housing Market

State of Real Estate according to the DRE Commissioner
September 10th, 2008 7:39 PM
Today I had the opportunity to attend a luncheon where the speaker was Jeff Davi the Real Estate Commissioner for the State of California.  He made some interesting comments but here are a few I think are worth repeating.  There are 538,000 licensed Real Estate people in CA.  That means 1 in every 54 adults has a license.  Real Estate agents outnumber lawyers in this state 2 to 1 - hmmm I'm not sure what that means but it doesn't sound good to me.  He said he was embarrassed about the budget situation - hey guess what - so are we!  But I think one of the most significant comments he made was that "he thinks the worst is behind us".  He also said that in every market downturn the one thing you can count on is that foreclosures will be on the rise.   In the State of CA 660 people lose their home everyday.  Nationally that figure is 1200.  We account for slightly over 50% of the national number!  He also said that NOD's are leveling off and even decreasing and that will open the doors to a leveling off in our market.  On that note I hope he's right.

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Posted by Heather Burke & Sarah Ireland on September 10th, 2008 7:39 PMPost a Comment

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