I spent last week on the East Coast. Scraping ice off my car in 17 degree weather, and spending an hour on the toll road to drive 5 miles on my commute to work, are just two of the reasons I was so thrilled leave and return to Northern California.
However the market for both residential and commercial real estate is strong there. No for sale signs (even in high end neighborhoods) or vacant store fronts.
It's a stark contrast to what I see around here.
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I travel quite a bit and I am convinced that Sacramento is a black hole of negativity (perhaps rightfully so) when it comes to the economy.
Nattering Nabobs of Negativism
Real Estate. Could the difference also be that the Sacto area and other parts of the country participated in the bubble unequally and thus are closer/farther from supporting economic fundamentals?
Economy. Each area of the country, and CA for that matter, have a different economic base. Sacto is very heavily influenced by State Gov with a little tech thrown in, not to mention the construction trades which go boom and bust.
Here is a Dec 2009 link with some graphs and data regarding job growth by sector in Sacto:
http://www.strategiceconomicresearch.org/economy-0.html
The Gov't based jobs in Sacto have provided a relatively stable base in the past. Not sure about now or in the future, but stable jobs usually combat negativism pretty well.
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