Wednesday, April 30, 2008

Alan Nevin

Alan Nevin, Chief Economist, California Building Industry Association and San Diego-based MarketPointe Realty Advisors
How do these people live with themselves? (Hat tip to BMIT)

Anybody who's going to walk away from a house or condo has already done it,” Nevin said. “Now it's just a matter of the pig going through the snake.”

Q: Looking past 2007, what's the crystal ball say for O.C. building in the ensuing years, say, through 2010. Can we escape without any harsh tumbles?
A: Because Orange County is land-restricted, it is very difficult to have a glut of new product. Therefore, I see a stable market through 2010.

Asked where he would recommend buying real estate in the North County coastal area, Nevin replied: "Everywhere. There's no negatives."

Nevin's talk was reassuring, said Frank Mercardante, Southwest president and chief executive."He emphasized there is no bubble and there won't be, because of the demand for real estate here in San Diego County," Mercardante said.

: Homeowner equity swells by $1 trillion
SAN FRANCISCO – California's steadily rising property values have created $1 trillion in homeowner wealth during the past five years – a boon that has bolstered the economy through several rocky patches, according to a study by an industry trade group. The estimate released this week by the California Building Industry Association shows the upside of a real-estate boom that has lifted housing prices to unprecedented heights.

"Overall, the study shows that we in California who are homeowners have been remarkably blessed," said Alan Nevin, the association's chief economist.

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