Real estate down; offices close [California]
The current housing slump, which is expected to continue through 2008, is causing local real estate businesses to close their doors.
“Unfortunately, when the market peaked we had a lot of properties pop up,” said Carolyn McNamara, owner of the McNamara Group, a local realty company that has been in business for almost 20 years.
“My projection is in the next six months we’ll see 20 percent less of the offices up here than we do now.”
McNamara said that there were five or six real estate offices in Phelan until the housing boom, when the number jumped to 12. Two of those have already closed since the housing downturn, McNamara said.