by Calculated Risk on 4/28/2007 07:27:00 PM

From the OC Register: Slow housing market predicted through 2008 (hat tip Brad)

Expect the housing slump to continue at least through 2008, building industry officials said Friday at an annual conference hosted by the Orange County chapter of the Building Industry Association.

Speakers focused on how the housing market has changed in the past year, citing declining sales, a drop in construction and a halt to land acquisitions.

The year 2008 "won't be so great," said Les Thomas, president of Shea Homes Southern California. "We hope things will be fine in '09."

If by "fine" Mr Thomas means a return to 2004 to 2006 sales volumes, then I think his hope is misplaced.