Before we get to Orange county I am pleased to report that everything in the US is just fine and dandy. If you do not believe me, then I implore you to heed the opinion of the world’s most beloved person, George Bush, who previously said Economy Still Strong Despite Job Concerns.

This reflects the nearly identical opinion from John Newly Homeless who in an exclusive Mish interview said “I would be a billionaire if only I had a billion bucks. Brother can you spare a dime?”

In contrast to the above bullish sentiment, and in keeping with my strict policy of presenting both sides of the story (which everyone knows I always do), I must present a second opinion . This opinion is from the NAR and the NAHB and I quote: “all real estate is local “.

In support of the above statement, various NAR and NAHB representatives begged me to report an example as to just how local, local can be.

In the sake of complete fairness and in regards to presenting both sides of the story, and on behalf of a specific email request by the National Association of Realtors, and the National Association of Home Builders I present O.C. office construction plummets 91%.

Commercial Brokerage reports that construction of O.C. office buildings plunged 90.8% in the second quarter to 325,276 square feet. Last year in the second quarter, 3.5 million square feet was under construction. Jerry J. Holdner Jr., Voit vice president of market research says, it’s both a sign of the economy as well as the end of a construction binge that saw 7 million square feet of office space — 7 percent of O.C.’s total market — built in the last two to five years.

The above article was by Lansler. In other news I see a second article, also by Lansler, Big Orange property index takes worst hit in 13 years. Careful review of Lansler leads me to an inescapable conclusion: Lansler is a communist.

I am stunned by the one sided reporting by Lansler. Has anyone reported him to the SEC? Has Lansler no morals? Where is the other side of the story? Is he not a beloved Bush follower like I am?

Mike “Mish” Shedlock
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