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This page contains all of the posts and discussion on MemeStreams referencing the following web page: California's Discount Foreclosure Sales Point to Housing Bottom . You can find discussions on MemeStreams as you surf the web, even if you aren't a MemeStreams member, using the Threads Bookmarklet.

California's Discount Foreclosure Sales Point to Housing Bottom
by possibly noteworthy at 7:15 am EDT, Aug 1, 2008

California led the U.S. into the worst housing recession since the 1930s. Now the most populous state may be the first to find the bottom.

In Stockton, the U.S. metro area with the highest foreclosure rate, home sales more than doubled in the second quarter after prices fell by an average 37 percent.

From the archive:

Because all asset hyperinflations revert to the mean, we can expect housing prices to decline roughly 38 percent from their peak as they return to something closer to the historical rate of monetary inflation. If the rate of decline stabilizes at between 6 and 7 percent each year, the correction has about six years to go before things stabilize, leaving the FIRE economy in need of $12 trillion. Where will that money come from?


 
 
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