Southern California Housing Still Not Finding a Bottom: Worst Decline Ever, no Exaggeration. Examining the Numbers in Great Detail.
If anyone was expecting a spring bounce from the housing Easter Bunny they’ll need to wait for another year. Frankly, all this hyperbole of reaching a bottom is wishful thinking and is completely devoid of the economic realities surrounding us. But what can you expect from an industry that kept chanting a mantra of “home prices only go up” for a decade? Now, it is a primitive form of the argument that “we are inches away from a bottom.” Well guess what? Many folks actually bought this line in California and will realize very quickly that we are nowhere near a bottom. In after hours, which now seems to be a daily occurrence, Washington Mutual announced an unprecedented $1.1 billion loss for the quarter. I think the Chief Executive Kerry Killinger says it best:
“Nothing of this scale has happened since the Great Depression,” […]
Original post by drhousingbubble
This entry was posted on Tuesday, April 15th, 2008 at 7:33 pm and is filed under soft-landing, housing-data, housing-2008, southern-california-housing. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback