“That commentary isn’t LA_Renter’s, it’s from Doug Noland over at Prudentbear.com”

Thanks for pointing that out Dave. I am not the author. I should have made that more obvious on the post. I posted this because Roland while being bearish never sounded like this before. And as HereWeGo pointed out Roland indicates this is hitting from the top down as much as it is the bottom up. The credit contraction as it stands now will impact the high end of the market especially California. Think about it, the loans that make California home prices possible have been pulled from the market, or will be available at much higher rates. This is Huge.