Orestimba Creek Feasibility Study - Stanislaus County

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Economics Appendix – Draft Report - Orestimba Creek Feasibility Study, Stanislaus County, California – September 2012 home for the same price,' " says John Walsh, the president of DataQuick. Although this trend increased real estate demand in Merced, prices appreciated even faster as exotic mortgage products and investor interest hit the market. Area home prices jumped nearly 129 percent from 2002 to 2006. But after the euphoria subsided, home prices crashed more than 72 percent through the third quarter of 2009. This rapid deflation dragged about 64 percent of single-family home mortgages underwater by the fourth quarter of 2009, according to Zillow. Walsh says it could be 10 to 20 years before Merced home prices reach former peak levels. Source: Luke Mullens, US News and World Report, dated March 19, 2010. As shown in Figure 1, the median price of homes sold in Newman reached a peak of over $400,000 in the first quarter of 2006. Within 3 years the median price of homes sold had dropped to about $125,000. The price level appears to have bottomed and is expected to stabilize or increase over the next 3 to 5 years. Table 4. Single-family new house construction building permits: 1996: 0 buildings 1997: 22 buildings, average cost: $87,500 1998: 76 buildings, average cost: $115,000 1999: 90 buildings, average cost: $120,200 2000: 27 buildings, average cost: $123,900 2001: 17 buildings, average cost: $140,400 2002: 106 buildings, average cost: $132,800 2003: 180 buildings, average cost: $150,300 2004: 350 buildings, average cost: $168,700 2005: 147 buildings, average cost: $204,500 2006: 65 buildings, average cost: $210,200 2007: 113 buildings, average cost: $222,100 2008: 6 buildings, average cost: $101,500 2009: 6 buildings, average cost: $198,000 2010: 6 buildings, average cost: 192,200 Source: City-Data.com/Newman 96
Economics Appendix – Draft Report - Orestimba Creek Feasibility Study, Stanislaus County, California – September 2012 Figure 1. Median Price of Home Sales in Newman CA, 2006-2011 Source: City-Data.com/Newman Medical: The City of Newman is strategically located within 21 miles of three major medical facilities. This is important as their services may be required in the event of a natural hazard such as a flood. It is also recognized that over half of the residents aged 65 or over have a disability, which adds to the critical nature of service needs in the area. The City of Newman has a 71 bed nursing facility located at the north end of the city. In the past it has experienced flooding and has emergency plans in place for such an event. Medical centers and clinics near Newman: Modesto Rehab Hospital (about 16 miles; Modesto, CA) Emanuel Medical Center (about 19 miles; Turlock, CA) Memorial Hospital Los Banos (about 21 miles; Los Banos, CA) Source: City-Data.com/Newman Social Vulnerability: 97
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Orestimba Creek Feasibility Study - Stanislaus County

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