In a bust that has lasted three years, they have gone through phases: denial, blaming the media for messing with the heads of buyers, predicting bottom soon and laying off staff. Now a chastened industry has reached a new stage, openly acknowledging its mistakes.
“‘We’ve effectively stolen from the future. The demand we should be having now we stole in 2005 and 2006. We’re paying for the sins of our past right now.’”
President Tom Sullivan of San Diego's Sullivan Group Real Estate Advisors.
http://www.sacbee.com/103/story/975645.html
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