According to Beacon Economics' latest report on the San Francisco East Bay, this region's housing market isn't expected to rebound soon. They're predicting that won't happen until 2014. From a story at the Contra Costa Times:
The East Bay economy may have to endure two more years of tough conditions before it fully rebounds, a disquieting new report predicts. Even worse, a recovery for California's housing market will lag even that distant timeline, economists Jon Haveman and Christopher Thornberg, partners with Beacon Economics, told a Bay Area Council Economic Institute meeting in downtown Oakland this week. "The housing market will not resume growing until 2012," Haveman said in an interview after his presentation. "Then it will just sit there for a few more years. We won't see any significant appreciation in the housing market in the East Bay and California for five years." It will be the non-housing parts of the East Bay economy that will help the region extricate itself from a significant downturn. But more pain looms ahead of the East Bay before that rebound occurs, according to the economists. "The years 2007 and 2008 have been difficult years for the East Bay," Thornberg and Haveman wrote in their report that was presented Wednesday night. "Our forecast is that 2009 and 2010 will be equally difficult, with an earnest recovery beginning in 2011..."
If you weren't able to attend this conference in person, you can still view the conference materials online (MetroIntelligence Real Estate Advisors was responsible for the real estate sections of the conference books as part of an ongoing partnership with Beacon):
Chris Thornberg Presentation (U.S. & state overview)
Jon Haveman Presentation (regional overview)
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