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breeze kicking in. Most of the monsoon moisture should
be well to the east. Check out scenes like this on the web sky along with us.
110 Northbound shut down. >> Thanks so much. >>> Trouble times
in southern california have pushed us to the brink of recession. That
gloomy assess men from the l.A. Economic development corporation saying foreclosures and sinking housing
prices have dealt a serious blow to the financial sector. The study predicts a
very painful second half of 2008, |
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LosAngeles,CA |
KCBS |
07/17/2008 |
04:41:00 |
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demands, but there's a catch. >> You'll have to
come up with 25% or more down. You'll have to have excellent credit, not good
credit, excellent credit. >> Reporter: it is the
slumping house market that is mostly to blame for the gloomy
forecast released today by the l.A. County economic development corporation. It believes l.A. Is on the brink of recession and counties bordering
l.A. Are already |
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LosAngeles,CA |
KCBS |
07/17/2008 |
02:04:30 |
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released today by the l.A. County economic development corporation. It believes l.A. Is on the brink of recession and counties bordering
l.A. Are already there. >> Riverside and san bernardino in recession. In 2009 we'll see it continue and
2010 before we see things get back to normal. >> Reporter: turning things
upside down. >> My husband and i were |
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That's according to an economic forecast
released today by the los angeles county economic The report says some areas-- including orange,
riverside and san bernardino counties--are already on
the brink of recession. It also says a housing recovery in california may come as late as 2010. Home sales in san diego county dropped more than twelve percent last month while
prices fell by more than 25- percent. According to la jolla based data-
quick information systems, |
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there channel 4's robert
kovasec picks it up. >> Reporter: money on
our minds. Another line in indymac bank, another headline
to punctuate the point. >> People are still concerned, afraid of what is
going on in the financial services sector. >> Reporter: now the bleakest
forecast delivered by the l.A. Economic development corporation this morning. The plummeting housing
market pushed four southern california |
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development corporation say the state's economy is on the
brink of recession and some areas are already there. Those countries in recession
are orange, riverside, san bernadino, ventura. Still, chairman offered reassurance that mortgage
giants fannie mae and freddie
mac will stay afloat. >> The ji
as the are adequately capitalized. No danger of failing.
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Tip-toeing along the edge. The state of california on the edge of recession, problemly
the u.S. Officially in a recession. >> And kaiser and l.A. County economic development report spells out factors for the states and
the local economies on the brink of recession. >> Why? Housing. Auto industry.
Retail industry. Financial services industry. The run upof energy prices which are sucking money out of
consumer pock snets kaiser
adds though oil |
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Another headline, local paper to punctuate the
point. >> People are still concerned. Afraid of what's going on out there
in the financial services sector. >> Reporter: and now the bleakest forecast
in recent years. Delivered by the l.A. Economic development corporation this morning. The plummeting housing
market pushed four southern california counties into a recession. >> Ate pliz to ventura county. They got hammered by housing and also
amgen laid people off, countrywide laid people off.
There will be more layoffs as |
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to clean between flights. So far,lax hasn't
commented. >>> Forecasts on the future of local and national economies
coming out. Chris blatchford is live with that. Good morning.
>> Reporter: good morning. I hate to put a damper on will morning. We are
talking about the dreaded r word. They don't like to say recession, but the la economic development is giving a forecast saying the state is on the
brink of a recession, and several southbound counties already are. Talking about
orange, ventura, stanford and he did
even oh and riverside counties. Why? No price, blame the housing
prices and escalating gas prices. Construction is soft and there's
still fallout from the sub prime mess. Need more proof? An independent research
firm independently of this report announced this morning that the medium price
of a home here in southern california |
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>>> Here's a live look at l.A.X. At this hour. A grim outlook for the southern
california economy. >> Reporter: the l.A. Economic development corp set to release
it's mid year forecast in just about a half hour
from now. |
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digit heat in the valleys. We'll get rid of the humidity
and then we look for increasing the heat for your weekend. >> That 102 really
sticks out. Elita thanks. >>> These are the stop stories
today in l.A.. >> Reporter: i'm
in downtown los
angeles, four southern california counties are now in a recession. And that is
according to the plunging housing market. And the los angeles economic development corporation that is set to release it's new mid
year forecast later this morning. |
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hardest hit. Leo? >> Exactly. The economic experts
say that the california economy is heading straight for recession. Some
parts of the state are in one. Experts say that the state of the state economy
looks bleak for the next couple of years, l.A. Chief could not mist. Kaiser and development corporation
have released two reports stating the reason that's the state and local economies
are in a mess. The chief among them the housing market crash and soaring price
force gas and diesel that may take a toll on californians
for a while |
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When it comes to job losses, in riverside, san
bernardino counties, you will see job losses this year in
the inland empire 20,500. That's what's anticipated for 2008. In orange
county, take a look at this number, it's over 18,000
for this year. Three times as many jobs predicted to be lost this year in orange
county as last year. So why is l.A. County not on that list? Well, because l.A. County has |
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Ventura, orange, riverside, san bernardino, and you can blame the slumping housing market. The financial
crisis going on with the sub lending mortgages is part of the problem. Now normally
this l.A. Economic development corporation report comes out twice a year and
chief economist jack kindser is kind enough to report
it for us. We spoke with jack kouizer before the report
was released. He said as well as the housing |
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