Can't Ignore the Rush of News

By Dave Fratello July 25th, 2007.

Let's get outside our comfy confines a moment and see what the rest of the world is saying about real estate.

Countrywide Financial CEO Anthony Mozilo, yesterday:
We are experiencing home price depreciation almost like never before, with the exception of the Great Depression.
Ian Shepherdson, economist for High Frequency Economics, today:
Housing is contracting at an accelerating pace, taking out with a vengeance the brief stabilization at the turn of the year, when mild weather and plunging gas prices supported activity.
Front page of the LA Times today:
Foreclosures [statewide] soared to 17,408 for the three months ended June 30, an increase of 799% from the same period last year. The current rate handily exceeds the previous foreclosure peak set in 1996, when the state was in the final throes of a six-year slump....

Most analysts say the housing market won't stabilize until 2008 or 2009. The so-called soft landing that was much talked about last year is rarely mentioned anymore.
On second thought, let's go to the beach.

Please see our blog disclaimer.

Latest Listings Among
Manhattan Beach Homes For Sale