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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: mishedlo who wrote (7392)	6/2/2004 12:49:36 AM
From: Elroy Jetson	Read Replies (1) \| Respond to of 116555

It's interesting to note that the prior residential housing bubble in Australia collapsed in 1989, only months before the housing market collapsed in California. Home prices today in Australia are already down more than 20% since January 1, 2004. Most real estate agents in Los Angeles believe we're already on the decline here in Southern California. These markets are quite connected by waves of global liquidity. I know you're aware, though some may not be, that the decline in 1990 was not the result of any rise in interest rates. The housing market collapsed while mortgage rates continued lower. home.pacbell.net