Southern California housing crash now in full bloom - Riverside down 27%, San Bernardino down 28%, San Diego off 19%, SoCal down 24%. Ouch.

Trillions have been lost.

Trillions more will be lost.

And big SoCal lenders like WaMu, Wells Fargo, Indymac, GMAC, First Federal - and Fannie and Freddie who bought the junk loans - are in a heap of trouble.

It's not subprime folks. It's everything. And it's one ginormous Housing Ponzi Scheme that blew up in spectacular fashion.

No matter what discredited California REIC shills like Connie De Groot, Gary Watts, Leslie Appleton Young and Tom Adkins would have you believe.

Hat-tip to SoCal Bubble for the latest #s. Hat-tip Casey Serin for crashing the market.

Here's the blaring headline from housing-crash-central San Diego. I think this one probably stopped traffic. HousingPANIC anyone?

Ignoring the cold hard truth, living in denial and listening to realtors on commission was possible for awhile.

And then it wasn't.

RUN FOR THE HILLS!!! The panic starts now.

FLASH: San Diego home prices have already crashed 15% from the peak. How low will they go?

20%?
30%?
50%?
More?

Suzannnnneeee!!!!

It was all fraud and speculation folks. We're going back to looking at Price to Income ratios, and at Rental Yields. Unfortunately anyone who bought in 2004 - 2007 is going to get wiped out. And they can thank Alan Greenspan, Ben Bernanke and their local realtor on commission.

SAN DIEGO – Home prices in San Diego County tumbled nearly 10 percent last month from year-ago levels, taking the median down to $440,000, the lowest in more than three years, DataQuick Information Systems reported Monday.

The latest price represents a 15 percent fallback from the all-time record of $517,500 set in November 2005. It was a bigger decline than the 11.7 percent peak-to-trough drop from 1992 to 1996, when the San Diego economy slid into a deep, prolonged recession.