Economics Professor: Every Housing Stat Fell Big Last Month

By Erik Anderson / Environment Reporter, KPBS Public Broadcasting

Published September 27, 2007 at 1:03 PM PDT

This story was published more than 17 years ago.

The San Diego economy continues to be pulled down by the slumping housing market. The University of San Diego index of leading economic indicators was down sharply in August, dropping nearly one and a

The San Diego economy continues to be pulled down by the slumping housing market. The University of San Diego index of leading economic indicators was down sharply in August, dropping nearly one and a half percent. A one percent change is considered a major move.

USD economics professor Alan Gin says every sector he measures fell dramatically last month, even the index tracking consumer sentiments.

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Gin : Consumer confidence has reached its lowest level since 19-83 most of that is related to the bad news in the housing market. The news about foreclosures and weak sales is impacting people's views of their own personal financial situation.

Gin says the good news is that the local economy is still gaining jobs. Even so, he says job losses are rising and the number of help wanted ads has been falling for a year. Gin says the region's jobless rate is at a three-year high.