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December 11, 2004 09:15 PM

California, U.S. in a Housing 'Bubble,' UCLA Forecast Says


Excerpt: In an outlook to be formally released today, forecasters say California and the nation are beset by a housing "bubble" that will depress construction next year, slowing the nation's economic recovery.


Economists at UCLA have invoked the B-word again.

In an outlook to be formally released today, forecasters say California and the nation are beset by a housing "bubble" that will depress construction next year, slowing the nation's economic recovery.

Yet the fallout from the bubble in California won't be devastating, according to the UCLA Anderson Forecast. Indeed, the Golden State's economy will expand at a faster clip than the nation's in 2005, thanks in part to a recovering Bay Area, the widely watched forecast says.

All in all, next year is shaping up as "solid but not spectacular" for California, said Christopher Thornberg, a UCLA Anderson Forecast senior economist and author of its state outlook.

Across California, nonfarm payroll jobs are expected to grow 1.6% next year, up from 0.8% this year, the UCLA forecast says. Personal incomes are projected to increase 5.2% next year, compared with 5.6% this year.

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A New Way to Hedge Your Home's Paper Profit (December 12, 2004)
IF you have owned a home for several years, you may be sitting on a sizable increase in equity. And if you are worried that the run-up in housing prices can't last much longer, you may think the only choice is to call a broker ...
21st-Century Landlords (December 10, 2004)
Fresh out of grad school in 1998, Keith Colacioppo moved back home with his parents in the Bronx to save money. He lived frugally and opened a 401(k) retirement account at work. But Colacioppo wanted to do more to cut his taxes and kick his ...
Get Real About Real Estate (December 09, 2004)
THE HOUSING MARKET HAS shown Herculean strength in the past few years. New home sales increased 0.2% in October, to the third-highest level ever, according to a recent Commerce Department report. That same month saw new home construction rise 6.4%, to the highest level of ...

Read all 22 posts in the same category of Home and Mortgage:

A New Way to Hedge Your Home's Paper Profit - Dec 12, 2004
21st-Century Landlords - Dec 10, 2004
Get Real About Real Estate - Dec 09, 2004
Can There Be Too Many Homeowners? - Dec 06, 2004
Selling Your Home - Dec 06, 2004
Conforming Mortgage Loan Limits Rise For 2005 - Dec 04, 2004
12 Tips For Wise Use Of Equity - Dec 01, 2004
Housing Wealth Reverberates - Nov 30, 2004
More Mortgages To Be 'Conforming' - Nov 30, 2004
Realtors Engage In Turf Battle With Discounters - Nov 28, 2004
Expanding The American Dream Commitment - Nov 26, 2004
'Tis the Season to Fix Up Your House - Nov 26, 2004
Sell Your Home — Fast - Nov 26, 2004
Most Expensive Gated Communities In America 2004 - Nov 26, 2004
Exchanging Real Estate Tax Free - Nov 25, 2004
Home Equity For The Holidays? OK, With Caution. - Nov 25, 2004
Does It Pay To Save? - Nov 23, 2004
The High Earner/Poor Saver - Nov 20, 2004
Six-Figure Zip Codes - Nov 20, 2004
Buyer's Home Feature Preferences Reflect Lifestyles - Nov 16, 2004
Pattern of Strong Home-Price Gains Continues in Most Metro Areas - Nov 16, 2004