8 Points on the Expanding Economy and the Housing MARKET
We are excited to bring you the latest stats for Santa Barbara real estate. Mark Schneipp, the Director of the California Economic Forecast recently spoke at our monthly meeting of the Multiple Listing Service. There has been so much talk about the economy and the recent decision of Great Britain to leave the European Union. No one knows what the repercussions will be, but Mark pointed out the following regarding the overall economy in the United States:
ECONOMY EXPANDING + INTEREST RATES STAYING LOW= STEADY & TIGHT HOUSING MARKET
1. The economy is expanding (as opposed to declining or in recession)
2. There is no loss of economic momentum in fact we are growing
3. There is full employment
4. Low interest rates continue
5. Inflation is low
6. There is a tight housing market
7. Housing market steady – no significant increase/decrease in activity
8. Overall the probability of a recession is low