by Calculated Risk on 12/23/2006 06:11:00 PM

From Lansner on Real Estate in the OC Register: Lender Norris eyeballs O.C. housing '07

We'll start with lender/investor Bruce Norris of The Norris Group. He's followed Southern California real estate for seemingly ever. He deftly called the beginning of the turn-of-the-century housing rally but now he has turned bearish. Let's see what he's thinking ...

Excerpts:

Us: What's your outlook for the local housing market for 2007?

Bruce: Orange County prices down 5 percent.
...

Us: What might be the housing surprise we'll be talking about a year from now?

Bruce: The greatest year-over-price year decline since the Great Depression, nationally.