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.

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