stated, “Washington Mutual Inc.'s big Chatsworth campus took another hit Thursday, losing 140 more jobs as the bank continued its aggressive cost-cutting plan.” “In January, Washington Mutual cut 1,000 call center jobs at Chatsworth and moved most of them to San Antonio.” Oddly enough, houses still continue to appreciate. Of course, the rate at which they do has slowed drastically, but it still keeps the houses out of reach for many. Are they really worth the asking price? I have read that several homes have been “overvalued.” And what about gas prices? Those who commute from

So, how’s that housing market and inflation? With inflation on the rise and the housing market cooling, there is no doubt that we will be entering a recession. In turn, the unemployment rates will increase. To add to that mix, under the new bankruptcy provisions, you may not file a chapter 7 bankruptcy until credit counseling or “Prebankruptcy Credit Briefing” has been completed 180 days prior to filing. Who can hold on to an out of control variable rate mortgage for six months? It is amazing to see the difference in opinion depending on if the author of an article is in real estate or in some

other financial area. The reality is that the bubble is going to burst. There are just too many factors involved for it not to. The extent that it will burst is still up for speculation. As I go through the endless supply of articles regarding the housing market, several factors come into sight. Foreclosures are on the rise. Inland Valley Daily Bulletin stated, “Foreclosures in Southern California are up almost 30 percent since January.” Construction is slowing. Banks, mortgage companies, construction companies, and auto manufactures are all laying people off by the thousands. Dailynews.com