The last housing bust

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There’s a great piece of work over at ElliotWave.com looking back at the last housing bust in California, which stretched from 1988 to 1996. The blog read through archives of the Los Angeles Times and retells the bust as the paper told it -- and it’s not pretty. It describes the initial euphoria and denial, followed by reports of frustrated, desperate home sellers angry at real estate agents for telling them to reduce prices, ‘insulting’ lowball offers, rising foreclosures, vanishing equity and ‘ball and chain’ houses that won’t sell.

Susan Barretta’s article is in three parts: 1988-1989, 1990-1993, and 1994-1996.

Will it happen again? Is it happening now? Your thoughts -- and memories of 1988-1996 -- are anticipated.
Hat tip: Patrick.net