Will San Francisco’s realty sector get better in 2009?

The brunt of the global economic recession has also affected the United States of America, one of the strongest economies of the world, and a spate of downturns has been noticed in several sectors of the country as the apparent outcome. Well, the development of this menace has been uneven and the consequences have also been dissimilar therefore. One of the most affected sectors has been the realty sector that has put a great question before the nation’s economy and has forced many to seek jobs in other industries. San Francisco is one of the areas that have been badly affected owing to the worsening realty sector.

Well, it is accepted that the year 2008 will remain forever as a nightmare to the investors, business persons and agents of the real estate sector of San Francisco. What will be the condition of the realty sector in 2009? Is there any hope of revival? This single question is reverberating in the alleys of the city and county of San Francisco. However, as fresh reports are coming in, it is becoming evident that 2009 will also not bring any prospect or rosy future to the realty sector. It may not be gloomy like 2008 but it shouldn’t be depended upon much.

But, if we concentrate on the views of two financial gurus, we shall have to remain in fear of the unforeseen circumstances. While one of them is Christopher Thornberg, an economist with the consulting firm Beacon Economics, the other one is Pacific Union CEO Avram Goldman. According to Goldman, only a few homes over $1 million are selling though the low end of the market remains active. He expects that the prices will drag down further in the year 2009. But Thornberg’s analysis is more dreadful. He thinks that San Francisco’s real estate market can hit the bottom next year. “There’s an economic recession going on right now, and it’s a pretty nasty one,” he said. “The best that we can hope for in 2009 is to find the bottom.”

Well, there are many who consider that it’s too early to make such predictions but they also think that the market will not restore soon.