The trend I’m seeing here is matter-of-fact thinking. Are you all psychics? Last time I checked, I thought any kind of economic speculation is just that, SPECULATION. I hate to get a little miffed, but here are my responses to some comments here:

“Your income is stable throughout the upcoming recession.” What recession are you speaking of? Can you link me to some proof, or is this your speculation?

“You won’t be forced into foreclosure when your ARM adjusts.” I dont have an ARM, i have a 30 year fixed I+P 6.6%

“You don’t mind losing half of your home’s value. Prices will decline 35% – 50%”
Again, are you psychic? Are you guys forgetting we live in the most desirable place on the planet?

“In 5 years it will definitely be worth much less than you are paying for it. That is just the cold, hard truth.”
Again, oppinions touted as fact?

I think what many of you fail to see is that San Diego will ALWAYS be desirable (save for a bad terrorist attack) People want to live here…we are running out of space, so of course prices will continue to rise. I know prices are dropping, but I also believe it will rebound like it always does in a few years.

Heck New York got attacked, and their home prices are still outrageous!!! Or what about the Bay Area? Same idea…

We live in San Diego folks!!!! This place is where people WANT to be…I don’t know where you guys can get these crazy figures. (50% decline is almost laughable to me)

Anyways, thanks for all your comments….but I see that I will not get any actual REAL advice here. Only people saying outrageous figures for effect.

And btw: don’t bring the history repeats itself argument. Yes, history does repeat itself, but we’ve never seen a real estate increase like this either…never seen before increase, means a re-establishment for our ideas about real estate. It does NOT necessarily mean a catostrophic crash.