Happy New Year! 2013!

As we close the books on 2012, I hope you take a moment to reflect on what has happened over the last 12 months.  For me, there have been a lot of joyous moments (AKA life's highs) and I reveled with a big smile and shouts of "Victory!"  Coupled with great times, Life throws you occasional lows to broaden your perspective and teach you some lessons.  I lost too many people this past year.  I miss and think of them daily because they made the world a better place.  I also miss the happiness and love they brought to my life.  The year truly flew by!  The greatest thing I learned in 2012 is that you have to live in the present and hope for the future.  You have power in the moment to make the right choice because after it passes, you can only look back and make adjustments. 

Wishing you a happy New Year's Eve celebration and best wishes for a radiant 2013!  

After all, "This is It."

Chapman University's Economic Forecast for 2013

Chapman University's Economic Forecast was held on Nov. 28th at the Segerstrom Center for the Arts in Costa Mesa, CA.  It was a full house comprised of OC Executives, Member of the Business Community, Members of Academia, Media representatives, and of course the wonderful Chapman University students.  The A. Gary Anderson Center for Economic Research holds 2 forecasts a year, the Fall forecast and then an update in the Spring.  The lively presenters included Chapman's President James Doti and the Anderson Center's Director Esmael Adibi.  Both are highly reputable businessmen and have served on numerous economic advisory boards.  Here are some highlights:

-Orange County, CA's economy will add jobs next year and increase employment by 1.8% or a new total of 1,418,709 employed workers

- OC will outpace CA & the U.S. in payroll job growth primarily coming from the services and construction sectors

-Median single-family homes in OC forecasted to increase by 6.8% in 2013

-OC Notice of Defaults (NOD) in Q3 2012 were 3,255, a 32.4% decline from Q3 2011 of 4,817

-Employment leads to household formation and fuels the home price forecast.  The demand is also based on interest rates and personal income.  In 3Q 2012 a person needed 27.6% of his/her income to purchase a median priced home in Orange County…this is why us Realtors keep saying it's time to buy!

-Commercial vacancy rates in OC were 6.6% in 2007, peaked at 15.6% during the recession and are currently at 13.7% indicating soft lease rates

-Instead of the $500B Fiscal Cliff, forecast of $200B

Here is the official press release: