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Santa Barbara Real Estate Market Update

February 13th, 2013 · No Comments · Santa Barbara Real Estate

 

If you missed Leslie Appleton Young’s, the Chief Economist for the California Association of Realtors, presentation at the Fess Parker Hotel in Santa Barbara last Thursday here’s a summary to bring you up to date on CAR’s projections for 2013.

Leslie Appleton Young sees 2013 as the “Year of the Political Economy!” Leslie shared that there are certain events taking place in Washington that could have a profound effect on the California real estate market.  You may remember back in 2011  when Washington was unable to resolve the Debt Ceiling Crisis that resulted in S and P’s downgrade of the economy? Well, the impact  on the California real estate market was not good. The market slowed to a lull and puttered on till the end of the year. Instead of addressing the issues at hand Washington kicked the ball down the field in what is now being called a “sequestration.” As the automatic cuts to the economy remain unresolved, the dilly dallying is hurting consumer confidence as it appears our legislators are unable to legislate?

The date to watch now is March 1, 2013.  Will Washington get it’s act together, or do we go over the cliff again?  This is the year of the Political Economy. Leslie Appleton Young is hopeful that Washington is able to resolve the various automatic cuts issues that are suppose to take place on March 1, 2013. If Washington can do that, then she feels that we will see an upturn in California, and Santa Barbara real estate.

(Part 2 of Leslie Appleton Young’s presentation has been summarized below)

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