From the Central Valley Business Times:
Is California’s housing boom bust?
The rocket engine of the California economy for the past 16 years – the booming housing market – is broken and, if not headed for a total crash, the next several years won’t be pleasant, warns a top economist with the University of California, Los Angles.
“There is nothing in the historical record that suggests we can get quickly back to normal – after all we are going to have to get prices back in line with affordability, and that will take some considerable period of time. In the meantime, sales are sure to be way down,” Mr. Leamer says.
http://tinyurl.com/emr88
Thursday, September 28, 2006
The next several years won’t be pleasant
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2 comments:
Thank God those pictureshave scrolled down belowmy screen. The housing market has only been on the upswing for 11 years.
UCLA math is fuzzy - 11 years or 16 years - when you are in the ivory towers of these fine instutions of higher learning its all the same. Bakersfield bottomed in 1997, so we only had 9 years.
Don't knock the pics. LOL. I have heard that if you buy an investment property they will take you to Hawaii for a round of golf and a nice dinner & drinks in the JET!
crispy&cole
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