Has the recession bottomed out in Sonoma County yet? Economist Steve Cochrane says the answer is....almost.
Housing prices have fallen by as much as 30%, a bursting bubble that has had repercussions throughout the economy. But Steve Cochrane of Moody's Economy.com points out that not all of them are negative.
While the California Legislature continues to wrangle over its response to the state's budget deficit, Steve Cochrane (right, in an old picture) says the federal stimulus programs are helping soften the situation a little. But he warns that help will only go so far.
China and its trading partners are the brightest spot in the global economy, says Cochrane, and California's location on the opposite side of the Pacific Rim should eventually benefit from that.
Read Cochrane's full report here.