The housing crash sequel in California-Forecosure sales made up to 45 percent of sales in Q1 2011 with an average discount of 33%. 431,000 jobless Californians have exahuasted unemployment insurance.

From doctorhousingbubble.com 6/7/2011:

     Subjects under hypnosis are susceptible to the powers of suggestion.  If that is the case, a large part of our nation has been in full slumber when it comes to housing propaganda.  If the nation is facing a double dip in regards to housing prices California will face a double housing crash. Let us be clear that many areas in California like Riverside, San Bernardino, and the Central Valley have seen home prices absolutely collapse.  Take for example Riverside County.  Riverside County is home to over 2,200,000 people and is part of the Inland Empire, an area devastated by the housing crash.  In June of 2006 Riverside County hit a median home price peak of $422,000.  Today the median price is $190,000 or what amounts to a 54 percent drop.  That is a crash.  Yet other areas have seen prices adjust lower on a more controlled basis for a couple of reasons including the shadow inventory being held back by banks and a touch of delusion brought on by financial self-hypnosis.  Yet market sentiment is fickle and is turning.  One of the many reasons the economics and financial field has failed miserably in predicting this crisis is that it was largely one of consumer behavior and manic psychology.   Incomes are certainly not supporting current prices and the Federal Reserve is dangerously overheating its own balance sheet trying to prop up inflated real estate values to keep the dream-state going.  California is in for a very long haul moving forward and this is hitting just in time for the typically hot summer selling season.


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