Orange County Meltdown

economists from the UCLA Anderson School of Management said on Monday to expect a sluggish national economy in 2008 and California’s job growth will be less than 1% through the third quarter of next year, and less than 2% through the end of 2009. Unemployment is expected to peak at 6% by the end of 2008.

Expect to see home prices fall by nearly 15%, and for sales to remain slow until at least 2009. On the upside, defaults could show signs of slowing later next year.