[quote=carlsbadworker][quote=temeculaguy]Those judges never changed their math, they were right then, they are probably right now, their formulas didn’t change, the perception of their formulas have. When the likes of sdrealtor and ocrenter both give her a 7, guess what she’s probably a 7, and 7 aint bad. I like a 7, they are more appreciative than a 9 or a 10, but I digress, which is what I’m known for.[/quote]

I actually don’t fully agree with this. Economy is a moving target. So when the facts changed, even if their formula didn’t change, the end result could change. Which judge several years ago predicted the 10% unemployment, the bankrupcy of lehman, GM, AIG, fannie mae and fredie mac? And who predicted the aggressive response by the FED and the congess? The huge amount of the shadow inventory and the government bented in backward with new accounting rules for the to mark-to-fantasy?
We are in uncharted territory and we need new formula. That’s what I am saying.[/quote]

I actually missed TG’s original post. quite classic TG, as always. =)

I suppose I can see carlsbadworker’s point of view. To borrow TG’s example. One could say that because so many of the contestants have augmentations and the plastic surgeons have gotten so good that we need to move that yardstick and judge the 7 differently.

The problem here is location.

If we are talking Vegas, Phoenix, SW Florida, Central Valley, absolutely Carlsbadworker is right. There is no bottom in sight. there is no way you can use the year 2000 payment calculation. inventory is so overwhelming and the economy is so depressed. and quite frankly, a lot of these areas were truly “artificial” as far as their economy goes: The bubble created the homes, the bubble created the jobs, the bubble created the population increase. Once the bubble is gone, what you really have are just wooden framed structures with Chinese drywalls sitting in the middle of swamp land or desert or cow pasture.

You can’t apply that same logic to SD or LA. Even with substained 10% unemployment, there are so many people and the economy is well established enough that there is really not that much room to move that yardstick.