It wasn't supposed to happen.
"Housing prices weren't supposed to decline absent a significant decline in employment, but they have: big time," according to a quarterly economic forecast released today.
"Put bluntly, housing consumers and financiers are in a state of shock," states the latest University of California, Los Angeles, Anderson Forecast report. "Consumers no longer believe that home ownership is a path to
wealth and lenders are busy raising standards to avoid repeating the debacle of this decade."