by Calculated Risk on 2/15/2006 03:12:00 PM

Last March, I excerpted a quote from an OC Register article: Loan rates on the rise by Orange County "real-estate broker and economist" Gary Watts:

"There's too much emphasis on interest rates in the marketplace," Watts said. "Who wouldn't trade $1,200 for $70,000?"

Last March the median home price in OC was $555,000. Today the median home price is $582,000, an increase of $27K or just under 5%. Mr. Watts has two months for the median prices to hit his prediction.

And now Mr. Watts is being quoted in Fortune's A tale of two markets

"Fifteen percent is pretty much in the bag for Orange County in 2006," [Gary Watts] says. "It's impossible for prices to go down this year."

I'm going to have to disagree with Mr. Watts again!