It turns out that while the foreclosure numbers are staggeringly high, at least in San Diego that has not translated into improved market conditions and or affordability.[/quote]
How does a 40%+ peak-to-trough decline and sub-5% mortgage rates not translate into “improved market conditions or affordability”? I think what you meant to say is that foreclosures have not translated into “conditions that allow me to own a home of the size-range, neighborhood, quality, etc. that I’ve fantasized about,” which is a very different concept from “general affordability.”
I also wish that foreclosures were coming on in a more fast and furious manner than they have, but… I have not been disappointed with the resulting pricing… as Rich has pointed out (and I agree), home prices in SD are fairly reasonable from a historical perspective. And while there are certainly some “bargain” areas, there are also some areas that remain stubbornly overpriced.
