Santa Cruz County, while far from immune to the sluggish economy, likely will fare better than many parts of California, and the nation, during the current down-turn.
The report’s economic assessment, as expected, shows Santa Cruz County taking hits from both the nation’s housing crisis and weakening job market.
The number of default notices sent to county residents, a sign of impending home foreclosure, has increased 243 percent between this summer and last, according to the report. And median family income has slipped from $81,300 last year to $79,000 this year.
Still, incomes here remain 15 percent above the state average and 23 percent above he national average, and job growth continued to climb through 2007, the last year measured, according to the report.
It is a great time to purchse a second property for personal use, or even a rental property in Santa Cruz County. There is always an abundant quantity of students from UCSC looking for rental properties. Good luck!