That's why the sudden death of the Late Great US Housing Bubble is playing out so text-book perfect.
From housing cheerleading (Time Magazine etc) a year ago, to articles like this today from CNN.
Nobody, except a complete idiot or masochist, would be out buying a home today given the radical change in the collective consciousness.
Thanks HP'er Karin for the great photoshop!
Home prices post record drop in October - Median price sinks 3.5 percent from a year earlier, trade group see more price declines ahead.
The price of existing homes sold in October fell for the third straight month and posted the biggest drop on record, an industry group said Tuesday, adding it expects weakness in pricing to drag on into next year.
The National Association of Realtors said that the median price of a home sold in October was $221,000, the same as in September, but down 3.5 percent from October 2005.
Where not to buy
California's Central Valley - Bakersfield, Fresno, Merced, Sacramento, Stockton
Southwest Florida - Fort Myers, Naples, Punta Gorda, Sarasota
The Jersey Shore - Atlantic City, Ocean City
California's Inland Empire - Riverside and San Bernardino counties
The Bottom 10 - Stockton, CA, Merced, CA, Reno/Sparks, NV, Fresno, CA, Vallejo/Fairfield, CA, Las Vegas, NV, Bakersfield, CA, Sacramento, CA, Washington, D.C., Tucson, AZ
November 28, 2006
Posted by blogger at 11/28/2006