It means unemployment will likely be above 10% in SoCal until then.
It means the local and state gov will be cash short and likely in defect spending and schools will be a lot more crowded.
It means if you lose your Job you are unlikely to find employment in you current profession.
I could go on.[/quote]
The less people have to spend on housing costs, the more money they get to spend in more productive ways. Lower housing prices will lead to a STRONGER economy, not a weaker one.
Right now, people are tapped out because asset prices rose far higher and faster than wages. The sooner we wring the bubble economy from our minds, the sooner we can recover. High housing/asset prices are BAD for the economy.
