A UCLA economist says California will avoid recession. That would be good news. If we did not know this joke that a CNBC economist Bill Wolman once told. The secret to being a good economist is forecast early and forecast often.
the point of story is that overseas sales do to the weak dollar will compensate or the housing weakness.
"In contrast to past recessions, when waves of foreclosures were triggered by job losses, most recent foreclosures have been the result of families having overextended themselves. Many stretched to buy houses they could barely afford and chose to take out loans with rates that adjust upward after two or three years. The biggest wave of those rising house payments is due to take place in early 2008, the report shows.
It could be the middle of 2009 before the market turns the corner, according to the report."
It may not be time for San Diego's budding "short sale specialists" to pack it in just yet.
UCLA economists say state will avoid recession North County Times - North San Diego and Southwest Riverside County News