gearle0521

Housing Bubble and Real Estate Market Tracker

Comment on why California and other states haven't felt the downturns effect:

Very few journeyman tradesmen are left in the homebuilding business. From what I see, the builder economy is almost like a tale of two worker groups, white collar and blue collar. The white collar workers do the financing, land management, architecture and constrution management work and the blue collar workers build the homes. There are relatively few white collar jobs in comparison to the blue collar pool. The blue collar pool though much more numerous is filled with immigrant or near-immigrant labor like the farming industry. Those workers may or may not be affecting the economy locally but will have little effect on the overall economy. The big question is whether the manufacturing and large consumer product industries (best buy, sears, home depot) will be affected by the lack of cash the home buyers have for large purchases.