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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: Mike Johnston who wrote (25891)12/12/2004 8:20:41 PM
From: Elroy JetsonRead Replies (1) of 306849
 
Of course the figures for growth in Southern California during the 1880s starts from very low base numbers.

A population increase from 11,000 to 80,000 over ten years is not hard to accommodate, especially given that many of these people were "living" in hotels. The population decline of 30,000 people down to 50,000 over the next two years, along with the failure of many hotels, provides stark testimony to that fact.

But this helps us to understand the common explanation at the time for the collapse of the real estate bubble.

During 1888 the Southern Pacific railway lines from Los Angeles to the East Coast were washed out in Arizona by a flash flood. Rail traffic was interrupted completely for two weeks. It was widely agreed that this two week interruption in the arrival of potential buyers is what triggered the collapse of real estate prices.

Perhaps there's even some truth to that explanation.

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