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James:
You had written:
> When (not if) the layoffs begin en-masse in the Bay Area, the prices will
> fall like a stone, just like they did during the last recession.
Would you please cite the source for the data used to make your
assertion about "Bay Area real estate prices falling like a stone" ?
I have owned property in Palo Alto and Los Altos since 1977, and
I sure don't recall any such price drops. Sure, in the late 1980's
the market softened, and prices were on a plateau for awhile.
During that period, homes often sat on the market for several
months, and sellers accepted offers below their asking prices.
But "fall like a stone" ? I am curious where you got that data. I'm
sure you wouldn't have just made it up.
Like all traders, I recognize that future results may not resemble
past performance ; ie, that the lack of a previous crash in Bay Area
housing certainly does not mean that such a crash can't/won't
happen in the future.
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