Wednesday, May 26, 2010

9 Economic Hardship Cities In California

It is very painful after reading this report by Inman News, excerpt here:

In the report by Inman News, it stated that "Of the top 10 metropolitan areas in the US with highest unemployment rates, 9 (Nine) are in California. The other is in Yuma, Arizona a town near the border of California and about 147 miles from San Diego.

The other is in Yuma, Ariz., a town that borders the Golden State.

The report concluded that in order for the Real Estate professional to survive and thrive, they have to embrace the short sales.

Inman News reported that in most of these areas, the economic downturn took away many Construction jobs, which was booming during the housing boom years. These job have dried up as fewer new homes are built. Those would-be construction workers are also having to compete with seasonal farm workers for agricultural jobs that have also been cut back due to a severe water shortage in the state.

The state budget troubles also have led to layoffs for tens of thousands of Government workers. Some industrial plants, facing lagging sales, have closed up shop or cut hundreds of jobs. Stores and shopping centers are sitting half empty.

The reports showed cities and what metro areas.

Top 10 metro areas with the highest unemployment rates -- not seasonally adjusted:

1. El Centro, Calif.: 27 percent (Total population: 166,874)
2. Merced, Calif.: 22.1 percent (Total population: 245,321)
3. Yuba City, Calif.: 21.7 percent (Total population: 165,539)
4. Yuma, Ariz.: 19.9 percent (Total population: 196,972)
5. Visalia-Porterville, Calif.: 19.4 percent (Total population: 429,668 )
6. Modesto, Calif.: 19.2 percent (Total population: 510,385)
7. Fresno, Calif.: 18.7 percent (Total population: 915,267)
8. Hanford-Corcoran, Calif.: 18.6 percent (Total population: 148,764)
9. Stockton, Calif.: 18.4 percent (Total population: 674,860)
10. Bakersfield-Delano, Calif.: 18.3 percent (Total population: 807,407)

Unemployment data source: Bureau of Labor Statistics

Population data source: U.S. Census Bureau 2009 Estimates

Click here for a full-size map.