Housing & Economy Recovery in 2009?
On 1/19/09 Bill Fleckenstein (president of Fleckenstein Capital, which manages a hedge fund based in Seattle) said: "The current bust is a direct consequence of a boom, but not an ordinary boom. It was a credit/real-estate bubble that caused a misallocation of capital of truly biblical proportions. Thus the pundits who think there will be any return to business as usual in the second half of 2009 are going to be very disappointed." San Diego real estate
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In 2005 most of the commentators on the real estate market were saying there’s no bubble and our mini boom would never end, this is a sure sign that an end is fast approaching.
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It’s just surprising that so many people with the clear signs that were present in 2004 and 2005 didn’t say that the San Diego real estate bubble was about to bust.
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