Prices at and below 1998 levels in 2012 with several years of bumping along the bottom after 2012 – maybe by 2015 we start to see some appreciation in prices
My viewpoint isn’t sounding quite so unreasonable today as it did two years ago, is it?
Study financial bubbles and manias – it makes understanding the current RE situation much easier – here’s the short version: financial bubbles ALWAYS FULLY RETRACE THEMSELVES and tend to overshoot to the downside
With this information in hand, the only challenge in predicting a bottom is deciding when a given bubble started – the bubble in San Diego RE started in 1998 IMO – other Piggs choose 2001/2002 as the bubble start date
