This could end up being the DOUBLE-WHAMMY that resets the SD real estate market back to 1998 prices, in all asset classes from high price to low.
Housing prices declining at such an alarming rate people are reluctant to buy. Then on top of that, even if they did, mortgage rates too high and credit too tight…
Just wait until the Alt-A and pay option ARM’s start resetting ’09-11. Even mortgages in the upper rages (over $600k) are going to be effected, especially if jumbo rates stay high.
