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NotD: Investor's Business Daily and the California NAR

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April 10, 2007 – Comments (0)

So, foreclosures aren't up in California because the job market is strong? Ha!

The real reason appears to be the one they cite further down in the article, that people are refinancing at bubbled-up levels. Obviously, that can go on forever, right? Just like it has everywhere else?

I'll hand it to the NAR and IBD, they're certainly stalwart in their inability to see anything that doesn't fit into their world view -- which is that everything is fine so long as people are making money.

*= Nitwit of the Day

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