Don’t let all the hope and change in the air for the San Diego housing market cloud your good judgment. There is a real good possibility San Diego housing will experience another setback in 2010. The San Diego (at least the lower end) market has gotten way too far ahead of reality way too fast (not the first time for that) but they are actually going to get worse than before (probably without the drama of a near-miss meltdown of the global financial markets), and people will lose wealth in the process. The government will have to step-up as the safety net of last resort, but the lack of resources and the over-abundance of political grandstanding from all players will mean that if there is any action from the government, it will be too late and too little and the economy will simply have to find its own non-artificial bottom.
The ole saying “I’m from the government, and I am here to help you”…….you better look out, there is a kicker in there somewhere.
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Everyone likes to talk about the foreclosures as if it’s a bad thing when the reality is that it’s an incredibly good thing. All the bad loans inflated the market well beyond what it should have been. As these people default on their bad loans the price of housing corrects, as it should, and maybe the rest of us get to buy. This story is good news and it should be reported as such. Or, would we all be better off if the government steps in and inflates pricing again.
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