For those wondering, that is “[e]conomist Ken Rosen, a notorious bear on housing who has called for a correction for several years, [who] said home prices in the urban core of the Bay Area could drop 5 to 10 percent – but outlying areas could see tumbles of more than 20 percent.”
He also says, “You had all these massage therapists who bought speculative homes that are now losing money.” You got something against massage therapists?
We’re calling Bull Sh*t on the Bear and his predictions for San Francisco, because he’s hardly a genius for that prediction. As for the “outlying areas”, we think he’s right on the money. Actually, we’re not calling B.S., because he did say “could”, not “will”. Big difference. And we’re already seeing price corrections, so where’s the story here? He should go into Politics. As for us, we’ll just have to wait and see what happens.
–Bay Area real estate symposium forecasts more gloom [SF Gate]