PrestoPundit

HOUSING PRICES ARE DOWN 20%

Posted by PrestoPundit on 03/14/2008

in a six month period here in Southern California.  In 2007 Orange County suffered a net loss of jobs for the year.  You can call it whatever you want in the rest of the country, but here in the birth place of the “liar loan” we’re in the midst of a recession.  Just a year or two ago it seemed every next person in Orange County was going into the mortgage or real estate business.  Today a lot of those folks are out of the industry and struggling to hang on either unemployed or in new jobs. 

We’re in the bust phase of a Federal Reserve induced boom and bust cycle, and as is typical the boom and bust phases have a regional footprint, an empirical pattern ignored by journalists and economists alike.

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