1997 prices in a good neighborhood in San Diego? As much as I’d like to see that, it’s not going to happen. Incomes are up 30-40%, interest rates are lower than in 1997, and there was not enough overbuilding to drive prices down. That’s the difference between San Diego and AZ/NV/FL.
1997 prices might happen in Riverside County, and 2000-2001 prices could happen in overbuilt peripheral areas (San Marcos, Escondido, Otay Lakes), but good central neighborhoods like Penasquitos and UTC will not go much lower than 2003.
