Bottom line for anyone sharing an optimistic viewpoint is this..

Logic and reason went out the window on the way up during this boom and logic and reason will go out the window on the way down.

Sorry, but I am not buying any of the “it’s different this time and here’s why” arguments, as I have heard them all before and seen them all fail to hold up. At the end of the day, the pendulum will overswing on the downside, regardless of your optimism.

Goodbye housing market…farewell “Carnage” (Orange) County…you are headed where no-one but a few of us housing “bears” have predicted.