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Bubble Babble In Biz Journal
There's a decent housing bubble debate in the current Los Angeles Business Journal, but it's on the paid portion of the site, so I will summarize:
Economist Christopher Thornberg, formerly of UCLA and now of Beacon Economics, argues it is a bubble, and "the pop is not over ... Past bubbles have been years in the making and years in the unmaking. ... We have a ways to go until the bottom is found."
He concludes with this advice to homebuyers: "If you can wait, do so. There is no point rushing into a market tht is far more likely to get worse than get better."
Speaking for the No-Bubble argument is Mark Cohen, president of the Beverly Hills mortgage brokerage firm Cohen Financial Group: "A crash or a long drawn-out correction has not and will not happen."
He concludes with this: "No matter what fluctuations the market experiences, over time, prices in Los Angeles rise."