[quote=Rt.66][quote=Nor-LA-SD-guy][ One thing I would add here is, I think a lot of people on this board keep comparing this bubble to (thinking is like) 1991-1997 .
This bubble is nothing like 1991-1997, in that burst a large part of the industry picked up and left taking a lot of the most talented people in the region with them. That’s not happening this time.
I would guess that when the economy turns, the market will SLOWLY start to recover, That being said I would think by 2017 we would be back close to peak price …
OK everyone go ahead take your best shot ,,, Just kidding.
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You are correct. In 1991-1997 “a large part of “the” industry picked up and left”. Today ALL employers are cutting back. Worst unemployment in 25-30 years, right now and gaining steam fast.
As for this depression versus previous ones?
” The state’s economic decline is sweeping, making the recession the “worst in the postwar period,” DeVol director of regional economics for the Milken Institute in Santa Monica said”
As for losing talented people we can check that off too. Last few reports I read showed CA is losing upper-middle class educated people in droves and growing only through immigration.
Thanks for playing:)[/quote]
Actually there has been a fairly large domestic migration into SoCal over the last year, that is keeping our (now don’t get me wrong unemployment is bad in SoCal) but the domestic migration is keeping our unemployment about 2% higher due to people moving here from other states and looking for work here.
This happen during the great depression and during the 1980-1983 recession as well.
I think most can remember what happen to SoCal housing after those ended.
