You’ve made a good point about your location (West MM), but I don’t think you’ve taken into consideration your immediate neighborhood. As AN pointed out, there are units for sale for over 40 days w/out much activity. These might change the comps in your area. You don’t know right now how many of your neighbors have either (1) refinanced into a bad loan, (2) HELOC the hell out of their houses, and/or(3) their mortgage is about to reset.
If I were you, I woudn’t stress about it too much if you purchased your place the right way: money down, fixed mortgage, in it for the long term, no flipping…..or have wealthy parents 🙂
Needless to say, check out the today’s UT paper which makes San Diego a winner again (in the foreclosure sector)
In conclusion, with foreclosure topping records, unemployment at the highest since 1995 (I’ve heard 5.7% for SD county), and poor prospects for high paying jobs………there isn’t much recovery anywhere.
P.S. I lived in Mira Mesa for 13 years….I remember back in 1995 my landloard use to beg me to buy his place ( just to get rid of it – that was my 1st bubble lesson). We’re pretty much turning back the clock – I wonder for how far back?. Prices are wayyyy out of wack and the pendulum may swing negatively for many years and by many RE investment formulas, as GRM comes to mind.
