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Politics : Formerly About Advanced Micro Devices

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To: bentway who wrote (363014)	12/16/2007 1:30:29 PM
From: tejek	Read Replies (1) of 1579266

The bubble began way before that in S. Cal and Florida and a few other places. My S. Cal. house had gone from $76k in 1993 to $250k in 2002. It probably was valued at $300-350K by 2004, then houses there quit appreciating. Since 2006 and 2007, houses in S. Cal. have depreciated and inventories have accumulated. That's true but S. CA and Florida are not the national housing market. There are large markets that are doing okay....not great but okay.......NYC, Boston, Seattle, DC, Dallas, Atlanta, etc. Some parts of Florida have a 10 year inventory of depreciating houses now. Again, that's Florida......those parts will take years to recover. The same thing happened in LA in the early 1990s. While a disaster struck that market and kept the housing industry in recession until the late 90s, the rest of nation came out of recession and went forward in the early/mid 90s. The media loves to play up LA and Las Vegas and Florida....it makes for interesting news but we need to keep things in perspective. In fact, if it weren't for this subprime crap, we would not be having this conversation. Its the subprime problem on top of the localized bubbles that has created the crisis we are seeing IMO.

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