C.A.R. Deputy Chief Economist Jordan G. Levine recently provided a market update for the state of California amid the COVID-19 outbreak. California started the year on a strong footing economically, however, the virus has changed everything for 2020. Unprecedented in terms of size and economic scope, there is still a lot of uncertainty and it may be too early for most major indicators. Unemployment will drive negative impacts and we are already seeing some effects on the housing market. However, this too shall pass, and despite any bad news, real estate is poised for a strong, eventual recovery.
Below is the full presentation.