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SAN DIEGO (KGTV) -- Despite the still-high cost of living, San Diego’s housing market is beginning to cool down, according to a new report by Zillow. San Diego ranked third on the list of housing markets seeing the biggest slowdown. San Jose and San Francisco, two markets also known for their high costs of living, places first and second on the list The report shows that conditions in San Diego’s market are favoring buyers more than they did a year ago. RELATED: Home prices rise, sales plungeMore than 20 percent of homes for sale in America’s Finest City had a price cut in January of 2019, compared with only 12.4 percent of homes that saw a cut in January of 2018. Of the homes that have sold, 95.7 percent sell for their listing price. At this time last year, 97.7 percent of homes sold for their list price. The amount of time it takes to sell homes is also on the rise. In 2018, homes sold in 60 days, including time to close, Zillow reports. So far this year, homes are selling in 75 days. RELATED: Realtors expect busy spring for buyers and sellersEven though the market is starting to cool, San Diego’s median home value is 1,400. In comparison, the national median is just 5,300. “It is no surprise that the markets which pushed the bounds of affordability over the housing recovery are now experiencing significant cooling,” said Skylar Olsen, Zillow Director of Economic Research. “As down payments and mortgage payments far outpaced incomes, buyer demand eventually exhausted itself. Those buyers looking in cooling markets will likely welcome the relief, although the entry price is still high. Inventory is returning and spending more time on market, meaning their decision making can be made with a cooler head.”RELATED: How housing got so expensive 1785

SAN DIEGO (KGTV) -- Despite record unemployment levels in California, the state's economy keeps turning, partly on the backs of the small businesses that have been able to stay afloat. However, six months into the COVID-19 pandemic we’re seeing how some businesses that were forced to shut down to prevent the spread of the virus won't reopen."We've had to pivot and shift, almost call audibles in the middle of what's going on to try to keep our businesses open," said Derrick Banks, owner of Freshly Faded Barber Shop.Banks has been in business for about seven years.He said beyond the haircut, there's something special about the conversations that take place while at the shop."If you see my barber cape, it says ‘Love thy homies’ on it," Banks said. "I feel like every person that gets in my chair becomes a friend eventually."Banks said back in March when businesses were initially forced to close, it's those close conversations and connections to the community that took the biggest toll. That and trying to keep up with an ever-changing series of rules and health and safety standards."We've had to pivot back and forth between cutting hair outside, cutting hair inside, having these safety precautions," he said. "One day we're allowed to be opened, and the next day we're not."While Banks has been able to stay in business, he has only to look down the street to see others who didn't make it."Just in a two-mile radius of this shop, there have been two barbershops that I know of that have permanently closed," he said.Banks said there's no playbook for how to get a business through a pandemic. He understands the importance of small businesses in the community and believes those running them need to do what's best for them."I'm not in a position where I can hope for anything," he said. "I have to have a clear plan, but I am optimistic."The EconomyYou can find empty storefronts in cities across California. But what does it mean for the state's economy?"California is suffering like the rest of the country," said Alan Gin, an economics professor at the University of San Diego. "We had a surge in terms of our unemployment rate. It's come down but still much higher than before the pandemic."Gin said the service and leisure industries have been the hardest hit.According to the California Employment Development Department (EDD), the state's unemployment rate improved to 11.4 percent in August as the state's employers added 101,900 jobs.In July, the state's unemployment rate was up at 13.5 percent.The state agency says Leisure and Hospitality posted the largest industry job loss in August (-14,600), and 561,900 of the sector's 633,000 year-over job losses have occurred since March 2020.Despite the record unemployment, Gin said California has lot of high-tech and business service jobs that can work remotely. It means many higher-paying industries didn't have to shut down.His worry is about the growing financial inequality."It was already bad in this country, but now it's likely to be even worse as a result of this," Gin said.Gin also noted that help from the federal government and unemployment benefits paid out by the EDD has also helped keep California's economy turning.EDD said it processed more than 13 million claims and distributed more than billion over the course of the pandemic.It's important to note last week, the EDD announced it's taking a two-week reset period. The goal, they explained, is to clear the massive backlog of unemployment claims that have been filed over the past six months. An EDD strike team found 600,000 California workers still haven't received the benefits they applied for.Reporter Adam Racusin asked Gin if California's economy can survive another six months of the current conditions."I think an important aspect is whether or not another stimulus package can be passed," Gin said. “I think some more relief is needed. The worry is that with the cutoff of unemployment that the people at the lower end, who are being kept afloat, are going to fall off a cliff." 4047

SAN DIEGO (KGTV) — For two nights in December, Balboa Park will be transformed into a winter wonderland of holiday festivities and entertainment.The 41st annual December Nights returns to Balboa Park on Dec. 7 from  3 p.m. to 11 p.m. and Dec. 8 from  12 p.m. to 11 p.m., bringing along massive light display, inspiration choir performances, bands and dancers, delicious foods from vendors and international cottages, and holiday-themed attractions for the whole family.Thousands are expected to flock to the area for the annual holiday celebration. So naturally, attendees will have to plan ahead for parking and transportation.TRANSPORTATIONA free shuttle service will be available on Friday and on Saturday to give attendees a lift to the festivities.Those planning to use any ridesharing services can hail a car on 6th Ave. and Laurel St.If using one of the many dockless bicycle or scooter options to get into the park, remember, they will not be allowed within the perimeter of the event. Users can park them on the east or west ends of the park.PARKINGThe only free parking lot will be at the San Diego Zoo, though it's bound to fill early and quickly. Free disabled parking is available at the Fleet Science Center and Federal lot on Presidents Way.Paid parking options range from - for lots at: 1347

SAN DIEGO (KGTV) -- Governor Gavin Newsom is set to visit San Diego Friday in a last-minute push for proposition 13. Newsom will make a stop at Dana Middle School at 8 a.m. as part of his statewide get-out-the-vote tour. Proposition 13 would authorize billion for K-12 schools as well as universities and community colleges. Newsom has said that the bond money would prioritize modernizing schools as opposed to new construction. RELATED: Everything you need to know about Proposition 13 - school and college facilities bondThose against proposition 13, including the Howard Jarvis Taxpayers Association, say it would cause an increase in local property taxes and add to state debt and interest costs.“Like all bond debt, that must be paid ahead of any other priorities, even law enforcement,” the association says. “If there is a recession, too much debt puts us at risk of a reduction in services or demands for emergency tax increases at the worst possible time.”The California Legislative Analyst says the state would pay billion in total - billion in principal and billion in interest. The payments would be made over 35 years from the General Fund, Ballotpedia says. 1196

SAN DIEGO (KGTV) -- Emergency crews rescued a driver that was trapped in an SUV that rolled over on a Clairemont street early Tuesday morning.At around 2:30 a.m., San Diego firefighters and police were called to the 4000 block of Genesee Avenue in response to a crash involving a red SUV.A witness told ABC 10News the vehicle was speeding down the street when it struck a median and then rolled over several times, also hitting some parked vehicles.The witness said two passengers were able to get out of the wreckage, but the driver was pinned in the SUV.Responding crews took about 30 minutes to get the driver out with the Jaws of Life. The driver and one passenger were taken to the hospital, but the other passenger left the scene and is being sought by police. 774

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