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By Tami Jo Nix

A standing-room-only crowd gathered Wednesday at the Madera Municipal Golf Course for a glimpse of the financial future of the San Joaquin Valley.

Two speakers offered their views on what direction the economy will take in the near future at an Economic Summit hosted by the Madera County Economic Development Commission.

The view, in a word, is grim.

John Stewart, chief executive officer of Grubb, Ellis, Pearson, Commercial Realty of Fresno opened with a joke but that was practically the only humor he shared. As many may already know, the construction industry is almost at a standstill with few if any new projects on the drawing board for the coming year.

"The real estate market isn't very good right now," he said. "You're seeing a lot of foreclosures, and people are buying them, but a lot of people don't plan to live there. Speculators are able to buy finished (residential) land for little more than the cost of the infrastructure."

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Tami Jo Nix Tami Jo Nix is a senior staff writer, photographer and community / features writer for the Madera Tribune. You can contact Tami Jo at 674.8134 ext. 231 or e-mail at tamijo (at) maderatribune.net Tami Jo also handles community calendar items and wedding announcements. The Madera Tribune online subscription To subscribe or log on, CLICK HERE. For more information first, CLICK HERE.