The last time the subprime lenders were knocked down in Orange County California was 1997-1998. The market shakeout lasted a couple of weeks.This time the outcome could be very different. The market circumstances are different. The players are different.
Some analyst predict that, in the end, the potential for future "fire sales" for foreclosed homes could put substantial pressure on OC home prices.
Mark Mueller's report from the OC Business Journal here.
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