Check out the lower left corner of this chart (via Business Insider) - specifically the blue line that's made up of various housing datapoints for the state of California. The line is nearly flat from 1992 - around the time the nation was starting to recover from the 90-91 recession - to 1997. Then it inches up gradually over the next few years, at which point another recession hits in 2001. In other words, it took eight to 10 years for the California housing market to begin a significant recovery - and that 90-91 downturn, while destructive in many parts of the state, did not involve a once-in-a-generation global debt crisis. Now all recessions are different, as are all recoveries. And the current upswing in sales and prices should not be overlooked - clearly the real estate market is turning around, as seen by July's increase in pending home sales. But look at the chart - look at where the blue line peaks in early 2007 and where it is now. Is there any economic gusher that will suddenly speed up this slow-go housing recovery? Doubtful.
More by Mark Lacter:American-US Air settlement with DOJ includes small tweak at LAX
Socal housing market going nowhere fast
Amazon keeps pushing for faster L.A. delivery
Another rugged quarter for Tribune Co. papers
How does Stanford compete with the big boys?
Those awful infographics that promise to explain and only distort
Best to low-ball today's employment report
Further fallout from airport shootings
Crazy opening for Twitter*
Should Twitter be valued at $18 billion?
Recent Real estate stories:Socal housing market going nowhere fast
Stability returns to housing market
Home flipping by and for the favored few
LA to get denser and denser and denser
Home sales cooling off a bit
New at LA Observed
On the Politics Page
Go to Politics
Arts and culture
Go to Arts and culture
Sign up for daily email from LA Observed