e-EDGE is now available as an RSS feed. [Click here to subscribe to it.]The August numbers from the National Association of Realtors showed the continued deterioration of the housing market as the credit crunch worsened. National existing single-family home sales declined to 4.35 million homes, down by -9.6% from a year ago (SAAR). The total existing single-family home inventory fell to 3.6 million homes available for sale, a decline of -3.5% from August 2007. The unsold inventory rose to 10.0 month supply at the end of August compared with 9.3 months a year ago. [This is the number of months it would take to deplete the supply of homes on the market at the current sales rate.]
The national existing single-family median home price fell to $201,900 during August, a decline of -9.7% from August 2007. The South region posted the smallest year-over-year median price decline, down by -3.1%. The Northeast and the Midwest regions reported year-over-year price declines of -4.7% and -5.7% respectively. The West region experienced the biggest annual decline, down by -24.8% over the year to August.
In contrast to the grim national report, the August numbers from the California Association of Realtors (CAR) showed some improvement in the state’s single-family resale housing market. Unit sales during the month (at a seasonally adjusted annual rate) rose by +56.7% over the year. Most of these were deeply discounted distressed sales. Thus, the median price was down by -40.5% (to $350,140) over the year and by -41.4% from the peak. The CAR noted that the unsold inventory statewide amounted to a 6.7 month supply, below the revised 10.6 months from the same period a year ago.
In Los Angeles County, August unit sales increased by +28.6% over the year, while the median price was down by -35.0% to $394,870. August was the twelfth consecutive month that median home prices decreased from a year earlier. The year-over-year decline in August was the largest in percentage terms ever recorded since the data series began (in January 1979). The median price in August was the lowest since March 2004.
In Orange County, unit sales rose by +31.4% over the year through August, while the median price declined by -29.1% to $511,270. Unit sales in the Riverside-San Bernardino area during the month rose by +143.3% over the year, while the median price fell by -41.3% to $225,390. Unit sales in San Diego County rose by +60.5% over the year, while the median price continued to decline, down by -37.0% to $375,090. In Ventura County, unit sales in August rose by +13.2% over the year and the median price fell by -28.6% to $478,410.
In the Bay Area, unit sales also increased over the year to August, with San Francisco Bay and San Jose (Santa Clara) rising by +9.6% and +9.1% respectively. However, the median price in both areas posted sharp declines over the year. San Francisco Bay was off by -25.4% to $619,300, and San Jose experienced a -23.5% decline with a median home price of $650,000. (Candice Flor Hynek)
National Association of Realtors PR:
http://www.realtor.org/press_room/news_releases/2008/ehs_tight_mortgage_slide
California Association of Realtors PR:
http://www.car.org/newsstand/newsreleases/augustsalespricereport/?view=Standard
The Census Bureau recently released second quarter 2008 information on revenues of four big groups of service sector industries. Collectively, the four industries took in $989.1 billion during that quarter, up by 4.6% over 2q2007. [The data are not seasonally adjusted.] The sector-by-sector details follow.
Second-quarter revenues of the professional, scientific & technical services sector were $326.3 billion, up by 6.1% versus 2q2007. All seven industries in this sector saw higher revenues in 2q2008. In order of size,
Estimated revenues of the information sector totaled $284.9 billion during the second quarter, up by 2.4% versus 2q2007. This sector contains a number of industries important to the Southern California region. Five of six industries in the information sector reported higher revenues in 2q2008. However, several are undergoing considerable structural change, holding down overall sector growth rates.
The third sector covered in this report is “selected” health care services industries. Sector revenues totaled $229.8 billion during the 2nd quarter, up by 7.2% versus 2q2007.
Fourth and finally, the Census Bureau reported revenues of the administration & support and waste management & remediation services sector, which recorded $148.1 billion in 2q2008 revenues, up by +2.1% compared with 2q2007.
The industries above are all important, and this report is the only decent, timely source of information about them (beyond the employment report). Structural change is clearly under way in the information sector, but most of the other industries appear to be in pretty good shape. With all the attention being paid to troubles in the financial sector, this report reminds us that some parts of the economy are not in such dire straits! (Nancy D. Sidhu)
PR : http://www.census.gov/indicator/qss/qssq2-08pr.pdf
The latest American Community Survey reported the 2007 social & demographic characteristic for the counties of Southern California. Ventura County had the smallest totals of the counties that we compared. This is what the survey estimates revealed.
LA County ranked number one in population and households in 2007, representing over a quarter of the California’s total figures. It also accounted for 25.7% of California’s population age 65 and over, 26.5% of its bachelor’s degrees, and 24.4% of its graduate degrees. Los Angeles County had the smallest percentage of veterans in its population of 18 years and over for all of the Southern Californian counties we looked at with 5%. LA County also displayed the smallest percentage of native born residents at 64% and therefore, the largest percentage of foreign born residents at 36%.
Orange County has the largest percentage of its population 18 years and older with a bachelor’s degree (20%) and graduate degree (11%) in 2007. They had the smallest percentage of residents 18 years and older without a post-secondary degree (34%). The O.C. displayed the lowest percentage of foreign born residents originating from Latin America out of the 6 counties with 52%, and the largest percentage of foreign born residents emanating from Asia at 39%.
Riverside County had the largest percentage of population aged 65 and older in 2007 at 11%. They also had the distinction of having the largest percentage (44%) of population with only a high school diploma or some college. Of the foreign born population, 80% entered the U.S. prior to the year 2000. Only 39% of its foreign born residents have become naturalized U.S. citizens, the lowest of the 6 counties. Riverside County boasted the largest percentage of foreign born residents originating from Latin America (76%) and the lowest percentage originating from Asia (15%).
San Bernardino County had the youngest population by percentage, with only 8% percent of its residents ages 65 and older. This was the lowest of the 6 counties. They also had the lowest percentage of both bachelor’s degrees (10%) and graduate degrees (5%). San Bernardino County had the largest native born population percentage in 2007 at 78%, with 22% of its residents being foreign born. They have the lowest concentration of foreign born residents emanating from Europe at 3%.
San Diego County boasted the largest percentage of veterans in its population age 18 and over with 11%. As of 2007, they also had the largest percentage of foreign born residents that have become naturalized U.S. citizens at 45%. (Shannon Sedgwick)
PR: US Census Bureau
| Area | Total Population | Male | Female | Median Age | 18 & Over | 65 &Over |
| California | 36,553,215 | 18,281,748 | 18,271,467 | 34.7 | 27,169,594 | 4,000,949 |
| Los Angeles County | 9,878,554 | 4,893,177 | 4,985,377 | 34.5 | 7,296,004 | 1,029,610 |
| Orange County | 2,997,033 | 1,499,209 | 1,497,824 | 35.9 | 2,230,800 | 331,780 |
| Riverside County | 2,073,571 | 1,036,644 | 1,036,927 | 31.4 | 1,490,860 | 233,079 |
| San Bernardino County | 2,007,800 | 1,005,119 | 1,002,681 | 30.2 | 1,410,383 | 165,549 |
| San Diego County | 2,974,859 | 1,493,808 | 1,481,051 | 34.2 | 2,233,454 | 330,720 |
| Ventura County | 798,364 | 399,889 | 398,475 | 35.6 | 589,284 | 89,154 |
| Area | Total Households | Average Household Size | Average Family Size | High School & Some College (no degree) | Bacelor's Degree | Graduate Degree | Civilian Veterans |
| California | 12,200,672 | 2.93 | 3.53 | 10,053,372 | 4,425,024 | 2,458,500 | 2,079,606 |
| Los Angeles County | 3,181,903 | 3.05 | 3.75 | 2,513,284 | 1,172,729 | 600,043 | 378,372 |
| Orange County | 976,713 | 3.03 | 3.56 | 763,744 | 445,571 | 239,872 | 155,391 |
| Riverside County | 649,863 | 3.14 | 3.66 | 657,576 | 169,515 | 86,456 | 136,208 |
| San Bernardino County | 592,449 | 3.31 | 3.80 | 597,898 | 138,958 | 74,452 | 119,802 |
| San Diego County | 1,045,265 | 2.74 | 3.36 | 824,963 | 400,873 | 231,123 | 254,038 |
| Ventura County | 255,668 | 3.09 | 3.58 | 218,091 | 100,850 | 57,654 | 53,443 |
| Area | Total Population | Native Born | Foreign Born | Foreign Entry Prior to 2000 | Region of Birth Latin America | Region of Birth Asia | Region of Birth Europe | Naturalized US Citizen |
| California | 36,553,215 | 26,528,863 | 10,024,352 | 7,797,696 | 5,577,402 | 3,426,374 | 666,385 | 4,371,545 |
| Los Angeles County | 9,878,554 | 6,300,078 | 3,578,476 | 2,852,316 | 2,149,404 | 1,149,006 | 189,211 | 1,548,865 |
| Orange County | 2,997,033 | 2,086,946 | 910,087 | 705,953 | 468,833 | 358,790 | 50,512 | 402,035 |
| Riverside County | 2,073,571 | 1,602,561 | 471,010 | 377,966 | 357,814 | 71,711 | 22,390 | 181,627 |
| San Bernardino County | 2,007,800 | 1,566,828 | 440,972 | 346,832 | 327,947 | 87,587 | 14,538 | 177,622 |
| San Diego County | 2,974,859 | 2,300,775 | 674,084 | 515,488 | 364,665 | 223,625 | 54,038 | 301,476 |
| Ventura County | 798,364 | 613,157 | 185,207 | 147,560 | 121,031 | 42,147 | 15,832 | 76,099 |
Thursday, October 2: British American Business Council Los Angeles: Breakfast with Sir Nigel Sheinwald, KCMG, British Ambassador to the United States
Sir Nigel Sheinwald, KCMG took up his appointment as British Ambassador to the United States in October 2007. For the previous four years he served as Foreign Policy and Defence Adviser to the Prime Minister and Head of the Cabinet Office Defence and Overseas Secretariat. He joined the Diplomatic Service in 1976 and has served in Brussels (including as UK Ambassador and Permanent Representative to the European Union in Brussels from 2000-2003), Washington, Moscow, Japan, Zimbabwe and in a wide range of policy jobs in London.
October 20-24: Los Angeles County Technology Week
L.A. Tech Week events are designed to inform those with an interest in technology - businesses that develop technologies and businesses that employ technologies, developers, entrepreneurs, investors, venture capitalists, teachers and students - about the state of the technology landscape in Los Angeles County.
Wednesday, October 22: WTCA L.A. - Long Beach and Asia Society of Southern California presents: "China: After the Olympics"
An in-depth look at China's current economic and political environment and its opportunities ahead with Stephen Joske, Director of Country Analysis, China Forecasting Service, Economist Intelligence Unit; and Donald H. Straszheim, Vice Chairman, Roth Capital Partners, LLC.
Tickets Now Available! Monday, November 17: The LAEDC 13th Annual Eddy Awards®
The Eddy Awards® is a cocktail, dinner, and awards gala to support fulfillment of the LAEDC mission to attract, retain, and grow businesses and jobs for the regions of Los Angeles County. The Awards were introduced by the LAEDC in 1996 to celebrate individuals, organizations, and now cities that demonstrate exceptional contributions to positive economic development in the region. Honorees: The Walt Disney Company, and Rick Caruso, developer of The Grove and the Americana.
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