Economic development is THE real estate issue.

California unemployment hit new highs today. Obviously that is the mother of pretty much all of the mounting problems we face.

So, what is the prognosis?

The attached video is not sophisticated and certainly didn't cost a lot of money to produce - but it is the shortest and most effective summary of the economic development wars that are now forming here in the west. Forget vacancies, CMBS failures and all of the "details."

Perhaps this is the overall issue more than anything else is going to have the most impact the the Western States commercial and residential real estate industry in the next few years.

And I'm wiling to bet it's coming to a neighborhood near you some time soon.

http://ix1.mbxserver.net/ac/lt/t_go.php?i=40&e=MzU2NTcy&l=-http--www.georgerunner.com/2009/06/17/california-taxes-and-regulates-businesses-into-going-to-nevada