SoCal home sales dip in October

There are two stories in the Los Angeles Times and the Riverside Press-Enterprise for which I opined yesterday. In both cases, I wanted to stress that (a) by October we're starting to move into the slowest quarter for home sales (both new and existing) and (b) we have no choice but to pay the consequences of the tax credit programs and other incentives which borrowed demand from the future. While I certainly support the idea of spreading out economic pain to avoid a depression, anyone who expresses surprise at falling sales when the market has to abide by normal fundamentals simply wasn't paying attention in Econ. 101.

You can find the L.A. Times story here.

You can find the Riverside Press-Enterprise story here.