SAN DIEGO.- The financial and mortgage crisis that sunk the region back in 2008 could be close to an end according to a recent study by the San Diego's Regional Chamber of Commerce.

"This report is yet another positive sign of San Diego recovering faster than other cities from California and the country", stated a press release by said Chamber's President, Rubén Barrales. "Despite the road to recovery being slow, San Diego is in a great position to reach success and viability on the long run".

The study, published this Tuesday and titled "San Diego's Road to Recovery", shows positive performance signs in a variety of sectors like unemployment, real estate, tourism and production.

Firstly, in regards to the working field, an optimistic trend can be seen. Compared to July of 2010 when unemployment peaked at its highest with a 10.9%, in March of 2012 these levels descended to 9.6%.

In spite of that and even if there has been a slope in the unemployment rates since 15 months ago, according to the research it is expected that a few years have yet to pass for the numbers to return to their pre-recession condition when they fluctuated between 4.5% and 5%.

The mortgage market's crash arrived to the United States in 2006 and California was not spared from its damages. The number of foreclosures rose as much as 600% from 2008 to 2010 with over 2,000 of them taking place every six months.

House prices plummeted along with California and the US.

After having a run of bad luck and a slow recovery over the next few years, beginning this year a decline of 28% in foreclosures started showing contrasting to last year. Real estate prices have been on the rise since February 2012, states the report.

Tourism, considered the third most important industry in San Diego giving employment to over 152,000 people every year, has also benefited; in 2012's first quarter there have been a number of positive recovery signs.

Results were calculated based on hotel occupancy measurements from the last six years. During the crisis' hardest months, inclines as low as 19% were reached compared to last year.

From November 2009, a regular yearly increase was registered; by March of 2012, the numbers of hotel occupancy had surpassed those of March 2007.

Another indicator is that, in the last 13 months, the number of visitors to San Diego has constantly been increasing. By last March the tourism had improved a 2.3%, while the amount spent in each visit has ascended by 10%.

The Chamber of Commerce's report points out that with this rhythm, tourism industry could be generating more jobs in the upcoming months.

In the production department, San Diego had been going up every year before the economy collapsed.

Between 2008 and 2009, economic growth was on a slant, but since 2010 it has seen its numbers grow at almost the same pace they had before the recession.

Another sign is the reduction in bankrupt cases; by March of this year San Diego already had a decrease of 46% in comparison with the previous year.

From these numbers, the report concludes that the economy of San Diego shows a positive trend.

"Ranging from unemployment to foreclosures and tourism numbers, the worst of the recession seems to be over" states the paper. "Regardless of being years away from total recovery to the levels we had before the crisis, a positive development is taking place".

Results of this study are available in the San Diego's Regional Chamber of Commerce's website.

editorial@sandiegored.com

Translation: Karen Balderas Licea.