Crazy-talk at the Chronicle
I can't believe the following quote was actually printed in today's SF Chronicle regarding the Bay Area housing markets. It must be a mistake as it just makes way too much sense:
‘How does demand come back? When prices come down,’ said G.U. Krueger, chief economist with IHP Capital, said the deflated new home market is simply one more indication that the market had run amok and is now returning to some equilibrium. ‘Prices went way ahead of themselves relative to the incomes of the consumer, and price increases could only be maintained with exotic financing.’"Price increases could only be maintained with exotic financing." No. Really?