Most of the economists have been wrong every step of the way.

First they said that there would be very little housing downturn. Wrong!!!

Then they said it would not spill over into the financial sector. Wrong!

Then they said that people would still buy -- so no recession. I think they are wrong again.

There is no way people are going to continue to buy with all the negative news coming out. I follow the housing market and there is a logjam that is showing no signs of relenting. No one is dropping prices, and no one is buying because they can't get a loan.

Jobs suck in California because so many of the jobs created in the last few years are tied to housing. As jobs go, so goes the economy. It will take YEARS for that sector to inflate again.

Phyllis Rockower
President
Real Estate Investors Club
Los Angeles