General question: some people stated that there will be no V-shaped recovery in the SD market. Why is that?
Pros:
1) San Diego has a better diversified economy than in the mid 1990s. Rental vacancy is 3-5% by market. People still want to live here
2) Job loss/growth in the region looks decent compared to the nation
3) SoCal (SD included) seems to be the home of the home buyer/speculator with property values defying logic/standards for the nation. When was the last time home values were 3x income here?
Cons
1) Even now homes are unaffordable for many without existing home equity.
2) Rising gas and food costs effectively eliminate any cushion/savings towards a down payment
