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Latest prediction: California's housing market will hit bottom first

Posted on August 01, 2008

It s easy to call a bottom to the housing slump. The tough part is getting the timing right. Treasury Secretary Henry Paulson has made many such predictions. All the signs I look at show the housing market is at or near the bottom, Paulson said in April 2007, a few months before the credit crunch hit.Just last month Barron s declared that Real-Estate Rout May Be Short-Lived. The evidence: home prices were moving closer to incomes in high-priced markets, existing homes sales had improved somewhat and inventories of unsold homes had dipped slightly. The critics responded swiftly: ...

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