Fewer Calabasas Foreclosures Than Neighbors
No foreclosures are good, but in 2008 Calabasas fared better than most San Fernando Valley areas.
In 2008, there were a total of 40 foreclosed homes in the 91302 area code, which also encompasses Hidden Hills and other unincorporated areas. During the same time period, Sherman Oaks saw 139 and Pacoima 674.
Foreclosures across the region hit a monthly high in August, a number that was almost cut in half by December. Experts are still divided on where home prices are headed, but the drop in foreclosures is a positive sign.
Those numbers match others that show Calabasas doing better than most nearby cities. A CSUN study, which covers issues from real estate values to unemployment, offers some insights into Calabasas business and life.
Compared to the San Fernando Valley, Calabasas has the highest percentage of high school graduates (97% vs. 79%) and residents with a college degree (57% vs. 30%).
Over one-third of Calabasas residents were born outside of California and over 20% were born outside of the United States. These numbers are lower than most of the Valley and are largely a result of fewer Hispanics in Calabasas versus neighboring cities.
We have a higher percentage of self-employed people than the valley and our rate of people who work from home, at 15%, is over triple that of nearby areas.
The CSUN report also surveyed mid-sized businesses and of those contemplating a move away from the region, 20% cited business taxes and regulation as the primary reason to go. Another 20% cited lower operating costs elsewhere.
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Well, that's an interesting stat. I wonder if it's got to do with its large number of residents with high school and college degrees, as the report says.
Definitely part of the reason. Better and higher education=better earnings, more or less.