I think the situation in Boston is far worse than in SoCal right now but SoCal will follow shortly. Things are going to get real REAL ugly. People refusing to believe it chant the same rubbish..that the job market is so strong. First off, incomes from these jobs can’t pay for homes even with a 50% decline in prices so why does that matter at all, secondly layoffs have already started first at Ameriquest, then Washington Mutual and now 2500 cuts at Countrywide.
The last 5 yrs was a deck of cards and it will come crashing down. “The gains of the last 5 yrs will be erased” as Peter Schiff would say 😀
