Agree…though I feel like I’m finally seeing chinks in the armor of the inert.
I’ve got a strong feeling that the San Diego market will move down around 10% in the next 4 months. My sample size is small, but I’m watching absolutely everything in my middle class Rancho Bernardo neighborhood absolutely sit. Price reductions are big as well. Prices are dropping, but places only sell after they’ve sat for 4-5 months and the prices come down 50-80K on 5-600K houses.
In my immediate neighborhood, I think things are already down 10% in the last 6 months.
There are several houses that are really nice, but 30-40K overpriced (today’s market, not intrinsic value) and not budging.
