From LA Times...
Orange County's unemployment rate fell to 9.6% in August, from a revised 9.9% in July. The county lost 2,300 jobs, with the biggest losses in government, educational and health services, and trade.
In the Riverside- San Bernardino metro area, the unemployment rate fell to 14.8% from a revised 15.1% in July. Job losses were modest, with payrolls down by only 100 positions. Still, that area has lost 22,700 jobs over the year.
San Diego County lost 2,200 jobs, and its unemployment rate dropped to 10.6% from a revised 10.9% in July. Ventura County added 500 jobs as its unemployment rate fell slightly to 11.2%, from 11.3% the month before.
As you have continued weakness in employment, you'll have weakness in incomes. This puts pressure on housing prices.
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