Yev

Think Housing's Bad? You Ain't Seen Nothing Yet

I am sorry, but a 15% decline in Los Angeles? Whomever came up with this number needs to get out more. LA market is one of the most unaffordable, even a 15% drop would keep it unaffordable based on the average income in this city. Last 2 years have been financed mostly by no-down, no-doc, stated income, option ARM loans. LA will be down 30-50% conservatively, if not than people here will be living not just on negative savings but they will be borrowing using their friends credit.