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Tuesday, October 16, 2007

Houston tells us we have a problem (see what I did there? Apollo 13, Houston, get it?)

Housing in Southern California is going to hell in a handbasket, professionally speaking. It's all over the news, watch out sub prime lenders, hold on mortgage refinancers, hey all you foreclosure nuts with a bunch of extra cash get ready for your Holiday season.

Prices are dropping, mortgages are defaulting, people are left broke and filing for bankruptcy. It's a sad story, people who wanted a chance to own instead of rent, those who believed in the American Dream and those who hadn't researched or who believed that their loans would be easily refinanced. It's the lower middle class who lose in this situation and that sucks the most because in a market where you can't get anything for less than 1/2 million, it doesn't help that lenders are no longer lending in that market.

News has reached Houson.

Southern California home sales plummeted in September to the lowest level in two decades, with economists predicting Tuesday the market could stagger even more as skittish lenders balk at financing homes.

They say the bubble is about to pop, wait for it, wait-for-it.

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