Very weird because I attending the UCLA Forecast today and they specifically stated that we are looking for a 2 year continuing decrease in home prices in San Diego (see my other post).
All in all the presentation was bearish overall nature. Not horribly but when I talked to the speakers afterwards and pressed them they came out being even more bearish in private then when in front of the whole audience.
I specifically asked the chief economist what the impact of a. negative person savings (2 years running); b. increasing personal debt; and c. the inability to use your home as a ATM and his response was “We just don’t know at this time but something will have to adjust to compensate.”
