nolancj
join:2002-06-30
Long Beach, CA
| reply to dogma
Re: So Cal housing bubble ready to pop?
We'll see. Highly desireable areas (those near the beach and those areas with very good schools) are going to see the effects of this last. Phoenix, Las Vegas, San Diego, they're different than LA/OC.
I have many clients of mine in the mortgage industry (large brokers). Let's just say that 1 of them has laid off and cut back significant IT staff, and that no new projects are getting approved. Another didn't build up as hard and is maintaining status quo. Others are sort of waiting it out. Another one is in the mortgage info business (front end, back end of loans, also foreclosures, etc) They're bulking up big time in IT.
So, it's hard to say... CA is a crazy place, and you can't really compare it to Vegas or Phoenix. Hell, 1/2 of those homes have been bid up by speculators from CA pulling out equity in their homes to flip houses there. |
