I’m sure many of us, myself included, have had to revise our predictions about how far down the housing market would go in San Diego. Two years ago, I would’ve said housing will drop 25% at most here, and probably only 10-15% at most in desirable neighborhoods. Needless to say that prediction was too optimistic for prices staying high. Ironically, at the time everyone I talked to, (except those on this board) thought I was a wacko with a tin hat.
At this point, how far down will housing go and for how long? I’m currently guessing 50-60% for most of San Diego and 35-45% for expensive coastal areas. Given the pace of declines I think we will hit 90% of our declines by end of 2009.
Just my guess though. I could easily be just as off this time as I was two years ago.
