Things have not improved. Our buddies are Meryll, once snotty and too important to hang out with us, are now asking for employment applications. That is on top of the phone calls we keep getting from ex-Lehman guys.
Anyways, this is a great summary of the current housing situation. Enjoy!
Home values plunge in Southern California
Median home price fell 34% in August from last year, sales up 10% during period but many driven by foreclosures.
“Foreclosure activity remains high, credit is still tight, affordability remains strained on the coast and the job market is soft,” Walsh said. “Some expect prices to bottom out soon … That may happen, but history suggests that few of us will time the bottom precisely.”
Holy cow. Take out the REO sales and normal transactions are at record lows.