Susan Barretta aka Bearmaster at her Beach Bubble Blog has completed a three part series covering the "last time." She examines the Los Angeles Times archives in order to review the years of Southern California’s last housing downturn, which occurred from 1988 to about 1996. Part One left off in 1989, and Part Two left off in mid-1993.
Part One.
Part Two.
Part Three.
Excerpt from Part Three:
1996
Mortgage delinquencies hit an eight year high; some market observers warned that the market “still has a long way to go.” By this time, close to 40% of the homes on the market in the San Fernando Valley were foreclosures.
Signaling a true turnaround, later reports described “buyers emerging in droves” even as prices were still falling. Yet realtors warned potential sellers that “this is not a time to overprice your property,” and forecasters were wary of a sustained recovery, noting that they had seen a few false dawns.
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Recommended reading.
11 comments:
Murst
Frist. (sp)
Off to read the article.
BTW new post at IAFF.
"As a break from the craziness lately, I’ve been checking out one of my Sweet Link sponsor’s website: ScenicNorway.com. I didn’t know much about Norway before, so I did a little bit of reading and talking with the sponsor."
blahblahblah.
Real Estate in SoCal NEVER goes down, eh?
Someone on Caseypedia want to add a definition of "craziness" ?
I believe it is anything more than 1/2 standard deviation off off Casey Distorted Reality.
e.g. Any time things don't go the way Snowflake expected them to happen, it is "craziness".
Also know as code word or tick to signal it is time for a road trip.
H.
Craziness: n.
1. used to describe a condition where Casey is expected to do something by a certain time with well defined consequences.
2. thos consequences.
Casey lives in a fantasy-land where he can metaphorically stab family/wife/etc in the back multiple times, and still expect to be welcome with open arms. A world where blatant mortgage fraud is a gray area which "everyone does", and he shouldn't face any criminal punishment.
Contrary to Casey's insanity, when the rules of the real [sane] world intrude on his delusions, to him it appears "crazy".
I'd say the Seattle market is in March 1989 mode. It's gonna get really ugly. But hey, my CFC short is paying off BIG TIME today. Thanks Snowflake! I just might go get a Russian GFE this afternoon.
Tony. Vas ist GFE?
Thanks for those links Rob. I was working in Orange County at that time, for a home builder that carried their own loan portfolio. One of my responsibilities was to visit properties in various states of Default/Foreclosure. That was exciting!
Girl Friend Experience, hehehe. Doubt Snowflake got any while he was in OZ.
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