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Article: California's Real Estate Crisis Will Be Worse Than Most Analysts Realize, With Home Prices Falling 15 To 30 Percent During The Next 36 To 42 Months
- Article from:
- U.S. Newswire
- Article date:
- June 21, 2007
CopyrightCopyright 2007 U.S. Newswire. Provided by ProQuest LLC. (Hide copyright information)
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To: BUSINESS EDITORS
Contact: Aaron Norris of The Norris Group, +1-646-418-4437
SAN FRANCISCO, June 21 /PRNewswire/ -- California's real estate
downturn will be deep and long lasting, with home prices falling 15
to 30 percent during the next 36 to 42 months, according to a
prominent real estate expert.
Bruce Norris, who correctly forecast both the real estate boom
that began in 1997 and the subsequent doubling of home prices, said
the downturn will reflect a perfect storm that includes record
numbers of foreclosures, a sharp decline in migration to California,
substantial increases in unsold inventory, and, of course, falling
prices.
"We are in for a very rough ride in California's real ...