Norris will present his findings Saturday, July 13, at an 8 a.m. to 5 p.m. seminar at the DoubleTree Hotel in Ontario California’s real estate market is rapidly recovering, and it’s producing significant investment opportunities in many areas of the state.
But California’s market recovery isn’t going to last forever, and when it ends, it might come to a halt faster than most people anticipate, said Bruce Norris of The Norris Group in Riverside.
A real estate consultant, investor and educator for the past 30 years, Norris has generated a huge following based on his consistently accurate real estate forecasts, the latest of which he issued in December when he predicted that California would see a median price increase of 20 percent this year.
Norris’s latest predictions are contained in a 280-page report titled “California Comeback 2: Fast, Furious, and Dangerous,” which provides in-depth analysis and guidance for both novice and professional investors targeting California’s real estate market. Norris will present his findings during an 8 a.m. to 5 p.m. workshop, Saturday, July 13, at the DoubleTree Hotel in Ontario.
Norris’s report identifies those counties that provide the best investment opportunities. He also analyzes the various factors that affect the current and future real estate market, such as the level of government intervention and emerging trends involving unemployment, housing construction and migration of people to California. The report considers the impact of former owners coming back into California’s real estate market.
“Each county has an unprecedented number of people who were foreclosed on who are waiting to be buyers again,” Norris said. “As those buyers re-enter the market with FHA loans, they are finding greatly reduced inventory. The combination of increased demand and low inventory is driving prices upwards at a record pace.”
The report breaks down the percentage of California real estate being purchased by hedge funds and foreign investors. It also explores the possible market changes should these groups stop buying and start selling.
Norris will take a close look at the ever improving equity position of California owners and how that could impact both supply of homes available for sale and move-up buyer demand.
Norris has built a following in the real estate community and with news reporters after producing consistently accurate real estate forecasts. Norris publicly predicted the sub-prime lending and foreclosure crisis in January of 2006, more than a year before the nation’s leading economists and real estate industry analysts would even acknowledge the possibility of a downturn. Norris also correctly forecast both the real estate boom that began in 1997 and the subsequent doubling of home prices. He regularly interviews lenders, economists, builders and other housing experts on his weekly real estate radio talk show, which airs at 6 p.m. Saturdays on KTIE 590 AM in San Bernardino. Podcasts and transcripts of Norris’s radio interviews can be accessed through his company website, www.thenorrisgroup.com. Reporters seeking interviews with Norris should contact Aaron Norris at (951) 780-5856 x108.