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June 12th, 2017 · No Comments · American Riviera, California Real Estate, Santa Barbara Real Estate, Santa Barbara Real Estate Market Trends

Earlier this month Santa Barbara local economist Dr. Mark Schnlepp told members of the Santa Barbara Association of Realtors that, “the economy  under “Trumponomics” looks as sunny as the weather.”  He added that the President’s Economic Plan is boosting economic indicators to new heights since the 2008 Financial Crisis, and that the economy will continue to expand through 2018. Schnleep shared that  more housing was built in 2016 in San Francisco and Los Angeles than the last 10 years.  Schnlepp points out that unemployment is at 4 percent in Santa Barbara, and that commercial real estate in the South County is “Red Hot!” ( I guess that doesn’t include all the vacancies on State Street?) Schnlepp noted that the largest employers in the county such as UCSB, the county government, and Cottage Hospital are driving the local economy.

Prices in Santa Barbara are soaring with only 44 houses out of 400 on the market selling for less than one million.  However, houses were overwhelmingly purchased for occupancy, rather than speculation leaving one of the reasons for the 2008 Financial Crisis in the past. Rent prices are also rising rapidly, with an average 3 percent increase for 2017 making rent levels 23 percent higher than they were in 2012. Schnlepp predicted housing prices will continue to rise along with inflation. He concluded that, “the economy, locally and nationally,  still faces challenges but, “to embrace Trumponomics since it will be likely bring growth in coming years.”

I hope Dr. Schnlepp optimistic outlook plays out since that would be a benefit to everyone though it appears his views may be based as much on political wishful thinking as economic realties.

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