Just so we are clear, I don’t believe that any manipulation will prevent the next downleg in SoCal’s real estate market (coming soon to the high end market near you!)

I continue to believe that the real bottom in SoCal’s real estate market will occur in 2011/2012 at the earliest and maybe not until 2014 – prices will scrape along this bottom for 2 or 3 years before starting to appreciate slowly

The only caveat I see is if the govt and/or banks can somehow return the zero-down, fog-a-mirror loans so coffee baristas and migrant workers can return to buying $700K houses