Saturday, January 5, 2008

Wells Fargo Economist - Buyer's Market in 2008

Lansner's blog has a pretty good interview with Wells Fargo economist Scott Anderson.

Here's a good quote from Anderson:

"The O.C. housing market is becoming more unbalanced by the day. This is evident in the glut of existing home inventories in the County. Unsold existing home inventories in Orange County hit 25.3 months at current sales rates. That is five times the level of inventories found in a “normal” housing market with rising home prices. The final nail in the proverbial coffin was the August and September financial turmoil, which is quickly morphing into a full-blown credit crunch."

You can read the entire interview here.

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