“Cunningham added that if the number of real estate foreclosures begins to increase substantially – which he doesn’t think will happen – a recession could be more severe.”
I guess this guy has never seen Rich’s chart on NOD’s and NOT’s. We all see the data, you can see where this thing is going. We still have the worst portion of the ARM resets to hit. I am going to go out on a limb here and say “Put a fork in it” California, at least, is going into a housing led recession. There is one thing I’m curious about and maybe somebody can shed some light on. In the face of a weak dollar what is it that Southern California makes that we can see an increase in exports that would help buffer this? It would be nice to have aerospace back. American made airplanes are on sale right now.
