Here is a good blog posts on why housing in California (and most likely many other places that are similar to CA) are going to continue to crash for at least a couple of years. I don't know if the CA housing industry will ever recover. Probably not. I have always thought that housing in CA has been horribly overpriced for decades - maybe this crash is the unwinding of the housing bubble not for the past 5 years but the bubble of the the last 25 years. Even before the crazy increases in the past five years it never made sense to me why a house in California should cost 50% more than a house in other parts of the country. I don't know if the CA housing industry will ever recover. Probably not. It's going to be a very hard landing.
http://www.mybudget360.com/the-miseducation-of-the-california-housing-market-5-reasons-why-california-housing-still-has-3-years-before-hitting-a-bottom/
And some interesting comments in this blog's post:
http://mrmortgage.ml-implode.com/2008/12/30/the-scariest-housing-related-chart-ever/
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment