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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: Bonefish who wrote (74568)3/22/2007 8:23:04 PM
From: Elroy JetsonRead Replies (1) of 306849
 
For comparison, some people blame the severe decline in home prices in Los Angeles County from 1989 to 1995 on the loss of defense jobs during that period.

The economic commission which measured this job loss, including the multiplier-effect, came up with a total job loss of 3.8% in Los Angeles County due to defense industry cut-backs and closures. In other words a 3.8% job loss resulted in a 50% decline in home prices in more bubbly areas.

Now, I have never believed this bogus assumption that the decline in home prices was caused by defense industry cut-backs. Home prices collapsed as part of the end of a speculative mania.

But some people do believe this stuff. Just imagine what they picture for Orange County with their much larger job losses from the contraction of the subprime lending industry.
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