Wednesday, June 3, 2009

Laguna Beach Slammed by Unemployment Spike

According to a recent OC Register story, Laguna Beach unemployment has swelled to nearly 6.3%.
This is an increase of about 700% since 1999. Downward pull on the normal single family home values in Laguna Beach? Yes. Middle class people caught in the unemployment wave? Yes.

6 comments:

Anonymous said...

That's very interesting. I many how many have had to close their businesses, too?

Anonymous said...

LB has been priced well above median incomes for years. RE prices are going to have to come down significantly to become affordable for a $115K-$135K/year earnings (depending on part of town).

Anonymous said...

I have been watching the Laguna Beach market for a couple of years now and am thrilled to see the crazy prices are starting to come down. However they still need to drop at least another twenty percent if I am going to jump in and buy. It's a beautiful town but let's get real here.

Jake said...

Interesting - I assume because Laguna Beach has had a thriving tourism market in previous years which has boosted employment opportunities. Due to the global and national economy now falling, vacations and holidays to the Laguna Beach area are fewer, and thus Laguna Beach hotels and restaurants are suffering, thus dropping their staff numbers? Does anyone agree that Laguna Beach tourism declining is the major cause of unemployment spikes?

Anonymous said...

What unemployment?
No one works in Laguna!
Also, do you know how many absentee owners there are in Laguna?
Obviously you are down because you have a beef with Laguna!
Move somewhere else if you don’t like it, or better if you can’t afford it!

Anonymous said...

Its true not many work in Laguna,Legit jobs that is! Selling meth and coke in the bars is where the money is FOOL!