Ken Heebner's Prediction
In Wednesday's Wall Street Journal, in the monthly Mutual Fund section, fund manager Ken Heebner predicts that areas that had the steepest price increases in residential real estate (California, Arizona, Florida and other parts of the East Coast) could drop up to 50%. Wow! Wouldn't that be a shocker. And if the drop is anything like the early 1990s (the last time California had a real estate decline), prices will stay at the bottom for awhile. Let's hope he is not right, or only right enough so that I can sell my house for enough to move up and off this busy street I live on.