Santa Cruz Prices Dip
Santa Cruz values dip, inventory up. Mean and Median house prices have decrease, and inventory has swelled. The market has passed it's apogee, and is heading back to planet earth. Question? Slow decent or crash landing? That is the 2 trillion dollar question. The distance will have to be travelled, the question is at what pace. Obviously, a certain portion will have to come quickly, the rest more slowly. As I have stated earlier, Greenspan is in a box regarding interest rates. To defend the dollar, and thus the whole US economy, he must continue to raise rates. This will either invert the yield curve and kill the banks, or raise long term rates and kill the mortgage/housing market. Watching closely.