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Economist predicts record gas prices, low housing increase

A University of San Diego economist says the San Diego region's diversified economy will buoy the area in the event of a downturn in the state or national economy this year.

Associate Professor of Economics Alan Gin also says while the county's housing prices are inflated, he doesn't expect the housing bubble to burst anytime soon.

Gin: We're going to have pretty good job growth this year and in the coming years and even though interest rates are going to edge up a little higher I don't think it's going to be enough to cause a big downturn in prices.

Gin expects housing prices in the county to increase five percent or less this year. He warns that higher gasoline prices could threaten the rosy economic outlook. Gin predicts gas prices to surpass last year's record levels, saying prices could reach the mid-$3 range for a gallon of gas sometime this year.

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