Awomba is clearly an owner trying to convince everybody that his or her purchase wasn’t stupid. It was extremely disingenuous to claim that he had no stake in the matter since he wasn’t going to be buying or selling in the next year. Then, he goes on to say that he bought a few years ago. Hmmm…. A few years ago means 2005 and peak pricing. Even people with great incomes overspend and find themselves in trouble. I know a few in Coronado. A great income might not actually stretch to make a 2.5 million dollar mortgage when it resets. Finally, when confronted by logic instead of the blind hope Awomba displays, he lashed out with the ridiculous and tired refrain, “I’m an owner and you are a loser renter.”

Guess what, Awomba, prices are going down. Everything on the both the micro (local RE pricing as it relates to earnings and local economy) and macro scene (mortgage origination, wall street, economy) guarantees it. There will always be fools ready to buy at (just about) any price, but real estate is set at the margins. It only takes a few people in distress to drive down the market.

I’m a proud renter and have doubled my net worth since I sold my house in 2005. Has your net doubled, Awomba?