VOA is reporting that global unemployment is near record levels.
From the article:
The report says the Middle East and North Africa remained the region with the highest unemployment rate in the world at 12.2 percent, followed by sub-Saharan Africa at nearly 10 percent. East Asia's unemployment rate of 3.6 percent remained the lowest in the world.
Ok... interesting, but has absolutely nothing do do with south bay real estate. ;) It just shows globalization is far from complete.
What does is the increase in the construction unemployment. This doesn't include cuts by Dupont, Georgia Pacific, GE, and other due to declining orders for building materials. But its significant.
Anyone who thinks RE won't shake the whole economy? Wait.
I've been having fun looking at real estate in the "non-bubble" markets my employer is looking to move me to. Do you know in some areas of the country really nice new construction is less than $130/ft^2 and nice used is selling for less than $110/ft^2? On large lots?!? It has forced me to change my thinking a bit. ;) I'm talking about areas with better schools than most south bay cities too!