Beat me to it. Yup, the SW and FLA (CA, AZ, NV, FL) have a long way to go. Prices are going to continue to drop and the banks are in serious trouble. In fact, any bank lending in these states is a Zombie Bank and will be taken over by the Federal Government.
We should get rid of CA, AZ and NV (except Vegas, of course).
[We should get rid of CA, AZ and NV (except Vegas, of course).]
Hey! I’m in Vegas!
My real estate business is actually rebounding right now - because of foreclosures. Inventories are shrinking. But commercial is screwed and we have a long way to go. I expect another foreclosure wave, trying to build cash reserves before that happens.