California in 2005 did better than we thought. But my feeling is the employment picture in 2006 is not going to be as good as 2005.
More Quotes from Christopher Thornberg:
Building 200,000 new residences per year, not to mention the current interest in fixing up existing homes in order to spend new housing equity as fast as possible, will tend to drive this (employment).Christopher Thornberg
The forecast for California is mediocre at best at worst we are liable to dip into another recession, ... at least 50 if not more.
Christopher Thornberg
Things are still hot, but the trend is clear. The only debate now is how hard a landing there will be and what will it mean for the general economy.
Christopher Thornberg
We say it's a bubble, but a housing bubble does not pop like a stock market bubble, ... A stock market bubble, when it pops, lots of market activity, prices dropping rapidly. Housing prices don't drop that way because there's a huge fixed cost. You don't day-trade your home.
Christopher Thornberg
Housing prices are going up because the wealthy want to live along the coast. That's who's driving prices up.
Christopher Thornberg
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But we used to go to flea markets and things, and look for old 78 records that had silly song titles.
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I think we are all slightly down in the dumps after another loss. We may be in the wrong sign... Venus may be in the wrong juxtaposition with somewhere else.
Ted Dexter