Some key Econowatch indicators seem to have reached their nadir.Some key Econowatch indicators seem to have reached their nadir Portions of the local real estate industry, if not growing, at least showed signs of beginning to bottom out in this week's Econowatch. For example, property lending -- loans for property purchases -- was recorded at $2.0 billion in Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. County in August, off only a small amount from a year ago, while re-finance activity is also holding its own. Home sales in August in Los Angeles County reached 5,599 units, which was actually up a bit from July and off only 10.3 percent from August a year earlier. House prices, at a median $200,000, are off 2.5 percent from a year earlier -- which, if not a positive sign, is not the "house price collapse" scenario predicted by some. Condo sales and prices in the county, meanwhile, are not much changed from a year ago. Construction lending in August in Los Angeles County reached $183.8 million, off from the heady head·y adj. head·i·er, head·i·est 1. a. Intoxicating or stupefying: heady liqueur. b. days in 1988 when more than $700 million a month was routinely doled out Adj. 1. doled out - given out in portions apportioned, dealt out, meted out, parceled out distributed - spread out or scattered about or divided up . However, the August lending level was up from July, if off 17.9 percent from August a year ago. In other news, Chapter 11 (financial reorganization, generally for larger businesses) bankruptcies fell to 181 in August, off 15.4 percent from July but up 34.1 percent from August a year ago. The decline in August from July could be a sign that this indicator, which has been steadily rising, has reached a peak. Chapter 7 (liquidation The collection of assets belonging to a debtor to be applied to the discharge of his or her outstanding debts. A type of proceeding pursuant to federal Bankruptcy , generally smaller businesses) bankruptcies also fell to 5,676 in August, down 7.2 percent from July but up 30.4 percent from a year earlier. The tourism industry continues to look soft in Los Angeles. The average hotel occupancy Noun 1. hotel occupancy - occupancy rate for hotels occupancy rate - the percentage of all rental units (as in hotels) are occupied or rented at a given time rate for Los Angeles County in August was 67.0 percent, off from 69.7 percent a year earlier and down from 67.3 percent in July. Room rates are lower too. Econowatch, a compilation of Southland south·land or South·land n. A region in the south of a country or an area. south  land·er n.Noun 1. economic and business statistics, is published weekly by the Business Journal to keep tabs on local economic trends. BENJAMIN MARK COLE Mark Cole is a multi-instrumentalist blues and roots musician based in Gloucester, UK Music Mark primarily writes and performs blues music but also writes and performs music influenced by other American roots music genres such as americana, cajun, zydeco, bluegrass and Senior Reporter |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion