VBJ October

More documents

Recommendations

Info

THE VALLEY BUSINESS JOURNAL 24 www.TheValleyBusinessJournal.com <strong>October</strong> 2018 No Crash in Sight REAL ESTATE by by Gene Steve Wunderlich Fillingim The term ‘fake news’ has been much overused of late. But in some cases, it’s really the only way to describe what you’re reading. Perhaps in some hope of becoming a self-fulfilling prophecy or appearing prescient, some outlets continue to boast about the housing ‘crash’ that we’re experiencing. As I pointed out last month, I’m just not seeing it. While our market has indeed slowed from its more robust pace of the past few years, there’s simply no indicators pointing to a crash. The market is still strong, the underlying fundamentals of the economy are sound and most prognosticators are in agreement that the cyclical nature of these events has been overstated. If there is no cause, there can be no effect. Having said that, our housing market is definitely in a correction phase. Median price appreciation averaging 7% - 8% over the past eight years, have outstripped wage increases which have only risen on average 2% - 3% a year the past couple years. Couple this with interest rate increases the past year, after years of historic lows, and you get the affordability delta we’re experiencing now. Current homeowners are also staying in their homes much longer than they used to, limiting the availability of lower-tier price points making it difficult for first-time buyers to enter the market. However, a couple salient points to remember: 1) California is still an estimated 1.5 million housing units shy of what’s needed as a result of nearly a decade of underbuilding, and 2) there is still pent-up demand as Millenials start to enter family-forming and home-buying years. I know the Millennial housing boom has been forecast for years but the fact is they have to live somewhere and that can’t be Mom & Dad’s house indefinitely. So, the market will correct until it reaches equilibrium and then take off again. Unless so many people leave the state we no longer need all those houses. Chances of that are slim. So where does that leave us? Well, August home sales across the region were up very slightly from July but 11% under last August, leaving us some 9% down year-to-date (8,108 / 7,361). While definitely slower, it’s about on par with 2015, which we thought was a pretty good year at the time. Some Realtors will point to the fact that they are no longer receiving multiple offers above asking price within hours of listing a property as signs of market collapse. The rest of us say ‘welcome to the real market’. Prices are still climbing, although at a slower pace than before. Essentially flat from last month across the region (down $26), prices were still up 5% over last August and 4% ahead year-to-date ($359,250 / $372,581). That trend of restrained appreciation will continue as the market corrects. Slower sales also translates to increasing inventory. 2,828 units on the market right now puts our inventory at its highest level since at least 2014, and maybe before. I don’t have inventory for the expanded territory prior to 2014 but it’s been awhile since we reached these heights. And while it’s gratifying to say our inventory is up 38% over a year ago, we’re still at a scant 2.8 months – a far cry from a ‘normal’ balanced market of 6-7 months. But it’s an improvement. Homes are also staying on the market a whopping 26 days, up from 18 days a year ago, and that’s still aggressive performance. So overall, our market is still healthy and solid heading into yearend. Nothing spectacular, but that’s OK. We survived another legislative year in Sacramento with no serious damage inflicted on housing and as long as the rent control initiative (Proposition 10) is defeated in November, we should be good for another year or so. Of course, that’s just my opinion, what do I know? Gene Wunderlich is the Government Affairs Director for Southwest Riverside County Association of Realtors. If you have questions on the market, please contact me at GAD@srcar.org or to keep up with the latest legislative and real estate trends go to http:// gadblog.srcar.org/.
<strong>October</strong> 2018 THE VALLEY BUSINESS JOURNAL www.TheValleyBusinessJournal.com Azusa Pacific University to Launch Digital Media Deagree to Meet Job Growth 25 The fastest growing job sector in Southern California is in the digital media field, according to a 2015 Los Angeles Economic Development report that studied future employer hiring needs. There are over 200,000 professionals working in a field that is growing rapidly – from 7 to 14 percent annually. A new bachelor’s degree program in Digital Media and Communication launching at Azusa Pacific University on the Murrieta campus is geared to meet that employer demand. “I’ve worked in the digital media field for 20 years, for the USA Today network, the Oakland Tribune/ANG newsgroup, and The San Francisco Examiner and had difficulty during campus recruiting hiring digital media graduates,” said Pamela Fisher. “I became a professor of practice to train the kind of graduates digital publishing needs.” Fisher was appointed new regional director for the program in June and moved to Temecula in August. “I’ve hired designers, writers, editors, photographers and videographers for major digital media corporations since beginning my career in Silicon Valley in 1996 and seen the demand for trained professionals increase steadily.” Fisher joined Azusa Pacific University from the USA Today Network in 2016, relocating from Cincinnati, Ohio. She is married to a Methodist pastor, Terry, and has two adult children in college; Alyssa is completing a PhD in communication and Alexander is finishing his thesis in game studies and pop culture. Alyssa is a graduate of Gordon College, communication, and the University of Oregon, arts management, while Alexander is a graduate of the University of Cincinnati in Asian Studies. Her husband Terry is a Fuller Seminary graduate, former pastor at the Menlo Church near Stanford and senior pastor of several mid-size Ohio and Michigan congregations of 300-500. “I’ve watched my own daughter build a career in digital media for a social media software company in her twenties and seen the ways in which an innovative communication degree reaps rapid financial rewards,” said Fisher. The Los Angeles Economic Development study found the average digital media professional earns nearly double the region’s average salary of $59,890, earning an average of $116, 820. The degree is designed for creative communicators drawn to social media storytelling and creating content in fresh ways. Rapid innovation in digital media presents many new career opportunities, from social media managers to digital newsroom jobs. Fisher says that students will study how to create editorial content for clients, publishers, nonprofit organizations or agencies, digital storytelling skillsets across media platforms: streaming, social media, websites and print for client branding or online news. The program also develops interpersonal and conflict resolution skillsets such as: personal presentation skills in group settings such as client presentations and meetings, negotiation skills with clients, stakeholders, editors. Students will be trained to work as a social media manager, a nonprofit organization communication manager, an audience engagement specialist or a digital newsroom writer, editor or web content creator. A major metro newspaper and magazine editor since 1996, Fisher served a decade in San Francisco as an arts and culture editor and theater critic at the San Francisco Examiner and Oakland Tribune/ANG newsgroup and most recently worked as a storytelling coach on long-form digital stories for the USA Today network of Southwest Florida and previously as Arts Editor overseeing an editorial team of 14 editors, critics and reporters for the Cincinnati Enquirer. As editor-in-chief of a daily newspaper, she ran a newsroom of 25 editors and writers, a record setting 1 million monthly view website and award-winning editorial team. She also worked for the nation’s largest Christian publisher as senior editor at HarperCollins Faith, where she was an innovation team leader. “I’ve loved getting acclimated to bringing my faith into education this first year on main campus at Azusa Pacific University,” said Fisher. “The Murrieta-Temecula region has such a rich array of churches and faith leaders – our family has visited five in our first four weeks here – and I’m looking forward to getting connected.” The degree completion program requires just 15 units to transfer into and will launch in 2019 at both the Murrieta campus and Inland Empire campus of Azusa Pacific University. For more information on the Digital Media and Communication program launching at Azusa Pacific University in 2019 visit: https://www.apu.edu/clas/ programs/digital-media-bachelors-completion or call the Murrieta campus program representative at (951)304-3400 or the Inland Empire regional campus program representative at (909) 888-9977.
Page 1 and 2: VOLUME 29, NUMBER 10 And... Think Y
Page 3 and 4: October 2018 THE VALLEY BUSINESS JO
Page 15 and 16: October 2018 Professional Women’s
Page 19 and 20: October 2018 Diabetes and Your Visi
Page 21 and 22: October 2018 Think You’re Too You
Page 23: October 2018 THE VALLEY BUSINESS JO

VBJ October

Create successful ePaper yourself

Delete template?

Save as template?