More than 30 percent of the job growth is in leisure and hospitality, and those jobs are not high paying. So there is a little bit of a worry about job quality.
What I don't see is a collapse in pricing. To get a collapse ... there would have to be a big job loss where people are forced to put their houses on the market for distress sales.
To the extent that the architectural or engineering services are connected to home construction, they could slow down more in the future.
Generally good news in terms of San Diego, we will outperform California and the rest of the nation.
Things are booming a little bit in terms of job quality. In the past, I've been a little worried ... that most of the job growth has occurred in lower-paying sectors. But recently, there has been a lot of growth in professional services.
If we see a slowing there, it could pull the entire economy down a bit. I don't think it will pull us into a recession, but the pace of growth could slow considerably.
People are now spending this money on gas when they could have been spending it on going out to movies or going out to eat or buying clothes.
The number of home sales is down, price appreciation on most homes is not as great as it used to be, and it's taking longer to sell homes. That could mean less growth in construction work.
With less appreciation, consumers will be less able to tap into home equity loans to finance their purchases, which could put a damper on the national economy.
They took a sharper run up in prices, so it makes sense that there's a decrease there. Some people have been priced out of the housing market, but others are waiting.
