Here’s one of the first articles I have seen that predicts a decline into and past 2010 – it says “According to our calculations, prices in most markets will fall by double digits over the next five years.”
And it actually looks at data, not just the NAR’s crystal ball. Here are a couple of 5-year change predictions in thousands of dollars for houses that are DOUBLE the median, although I’m not sure know why they use that:
Los Angeles – June ’06 = $1,107, June ’12 = $841
San Diego – June ’06 = $1,211, June ’12 = $926
Orange County, Calif. – June ’06 = $1,419, ’12 = $1,104
Inland Empire, Calif. – June ’06 = $791, ’12 = $667
This stuff is good to hear but where was all this mainstream bearish-on-housing talk a year ago, when people called sites like this doomsdayish?
