Experts Predict Growth, Better Economy in ’95

Citing a drop in unemployment, a rise in housing permits and a pro-business shift in government, two experts in real estate and banking Tuesday predicted that 1995 will bring a gradual improvement in the economy in Ventura County and throughout Southern California.

“We truly believe the slide has ended, but we want to caution ourselves that there are going to be these head winds,” said Charles Jackson, executive director of Mellon Financial Group in Pasadena, who addressed a group of real estate agents at a meeting in Oxnard.

The economic rebound could be stalled, he said, by higher interest rates, heavy government regulations and a migration from California.

The key to an upswing will be replacement of jobs lost to aerospace and other defense-related industries, he said. Already, the entertainment, computer software and biotechnology industries have helped diversify the region’s economy.

Fred Sands, founder and president of Fred Sands Realtors, also spoke during the Tower Club meeting. He said he believes that real estate prices in Ventura County will creep up during the coming year, following the lead of properties in more affluent areas.

Despite a significant number of foreclosures in Ventura and Oxnard, buyers moving from Los Angeles will continue to boost the real estate market in Ventura County, Sands said.

“Prices are not going to run away,” he said. “But you’ve got the benefit of the flight out of Los Angeles.”