The L.A. Times reports:
In parts of Southern California, the housing crash has upended a basic tenet of the American dream: that home values always increase over the long term.But, former Fannie Mae CEO Franklin Raines said this couldn't happen! I guess when Fannie, Freddie, the Fed, HUD, and state and local governments team up with the National Association of Realtors there's no one left to convince that real estate is always a good deal.
Properties in several areas are selling for less than they did 20 years ago, and that's not even counting the effects of inflation.
