Many parts of the country are simply having their breath taken away as prices spiral down. The media is enjoying re-hashing the “sky is falling” message and NAR (National Association of Realtors) is the only group trying to remain calm. Maybe too calm. As representatives of the industry, it is NAR’s job to balance out the market with positive projections. For local real estate, it is important to find a balance between drama and local facts using the knowledge of your local Realtor. Between August 2006 and August 2007, employment in the San Jose-Sunnyvale-Santa Clara, which also includes San Benito County, grew by 14,000 jobs or 1.6 percent. The metropolitan area experienced its 35th consecutive month of gains on a year-over basis. • Private educational and health services led the year-over increases. Private schools rose by 1,700 jobs, largely at colleges, universities, and professional schools. Health care expanded by 1,300 jobs, and social assistance firms grew by 900 jobs. • Professional and business services gained 3,400 jobs, with significant increases occurring in computer systems design and related services (up 1,300 jobs), architectural and engineering services (up 600 jobs) and investigation and security services (up 400jobs). • Leisure and hospitality climbed by 1,800 jobs from last year. Food services and drinking places added 1,500 jobs, while arts, entertainment and recreation gained 300 jobs. Jobs will be the one component that helps the San Jose and surrounding areas avoid the drastic adjustments in real estate prices other communities in the state are experiencing. On the other hand, short sales and foreclosures will be driving factors on price adjustments in each neighborhood. Here are a examples that demonstrate which neighborhoods are being hit hardest by the sub-prime fallout. For Willow Glen inventory has continued to climb since January 2007 and in October 2007…
