“Case is speaking of the national aggregate market.
That is very different scenario than SD, OC, LA, and Miami.”
Bingo, many markets did not see near the appreciation that these areas did. Also keep in mind previous housing downturns were caused by recessions that were the result of some external force outside of housing. This time housing is the CAUSE of the current gloom and really we have just now entered into a recession, we have seen what happens when prices become completely disconnected from fundamentals but we haven’t felt the FULL impact of the economic downturn on housing yet.
