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An estimated 800,000 jobs will be lost in the next 2 years due to the bursting of the housing bubble seen in 2004 and 2005 UCLA Anderson Forecast director believes that even with the loss of 800,000 jobs the economy is strong enough to withstand the hit and there will be no recession in the near future. A report by UCLA explains the cost reduction of homes by stating "Many believe the deceleration in price growth was inevitable, as the increases of 2004 and most of 2005 were not sustainable and were fueled, in part, by speculation." Source: money.cnn.com
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