If the real estate market were a submarine in World War II, it would be creeping along the bottom waiting for all the depth charges to quit dropping from the enemy ships above.
The enemy ships are—not necessarily in order—the SS Poor Economy, the SS Bank Foreclosure, the SS Bundled Securities Derivatives, the SS Unemployment, the SS Uncertainty, the SS Difficult Lending Environment, the SS Underwater Homeowners and more.
It appears that the enemy ships, now reinforced by the SS Federal Deficit, and SS Euro-Collapse, have more ammo than originally forecast!
With the Third Quarter reports just coming in it looks like the real estate market will remain submerged for the foreseeable future. That’s okay for us at The Rancon Group because we are in it for the long haul.
Even with the barrage of bad national news, there are some positive things happening here in the Southwest Inland Empire. Real Estate transactions and prices are up from a year ago, according to our own sister company, Rancon Real Estate, and foreclosure re-sales are slowly going down. This micro-market, that we’ve been doing business in since 1971, is still alive and well.
On the job front, the “Twin Cities” of Temecula and Murrieta recently announced that they are working together diligently to build up a technological base of businesses that will provide high-paying jobs for current and future residents. The effort is patterned after a program founded in San Diego known as Connect, which was responsible for helping QUALCOMM grow into a telecom giant. The Connect program in the Southwest Inland Empire plans to form alliances with UC Riverside and Cal State San Marcos to provide an educational catalyst for the effort.
In more than 40 years of doing business, we’ve seen the market go up and down like a submarine before. With all the doom and gloom, and proverbial depth charges, the Rancon Group, and our allied partners, will weather the storm. In fact, look for some exciting new acquisitions in the coming year, and keep an eye out for a periscope popping up soon!