The Conference Board's most recent 
™ hit an all-time low in October. Lynn Franco, director of The Conference Board's Consumer Research Center said: "Looking ahead, consumers are extremely pessimistic, and a significantly larger proportion than last month foresees business and labor market conditions worsening. Their earnings outlook, as well as inflation outlook, is also more pessimistic, and this news does not bode well for retailers who are already bracing for what is shaping up to be a very challenging holiday season."
™ hit an all-time low in October. Lynn Franco, director of The Conference Board's Consumer Research Center said: "Looking ahead, consumers are extremely pessimistic, and a significantly larger proportion than last month foresees business and labor market conditions worsening. Their earnings outlook, as well as inflation outlook, is also more pessimistic, and this news does not bode well for retailers who are already bracing for what is shaping up to be a very challenging holiday season."Prior related posts:
It’s just surprising that so many people with the clear signs that were present in 2004 and 2005 didn’t say that the San Diego real estate bubble was about to bust.
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I remember in 2005 that it seems every month the paper reported that real estate sales were down by double digits though the values seem to be holding up. You would think an intelligent person would realize sales cannot drop by such a magnitude without values following.
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The ingrain notion that San Diego real estate always appreciates has now vanished, and that’s probably a good thing.
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There was so much speculation in the San Diego real estate market, what we’re seeing now seemed inevitable.
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It seems that SD real estate follows about a 10 year boom to bust cycle; perhaps it takes 10 years for people to forget the last bust.
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The extraordinarily high prices for San Diego real estate really make the investment potential very risky when the average rent doesn’t come anywhere near the carrying charges an owner has to pay.
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I believe a lot of people who purchased with subprime loans and were not really qualified have to accept the inevitable consequences and perhaps build up their savings and credit while renting until the next purchase opportunity.
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In the 70’s people had equity in their homes and credit card debt was not maxed out by as many as it is today it was a much different time, so much so it’s very scary today.
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The downturn during the 1970s was caused primarily by Richard Nixon’s faulty economic policy. Among other things the imposition of widespread wage and price controls caused the extended recession of the 1970s we refer to today as stagflation. Oil prices played a role but it was the government’s response that truly put the United States over the edge. Unless the Government takes draconian measures like Nixon did to insulate the economy it doesn’t make sense to compare today’s situation to that of the 1970s.
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