Home › Forums › Housing › Wow. 47% Decline for San Diego › Based on MEDIAN PRICES June
Based on MEDIAN PRICES June ’08 (U-T data) Resale houses $405,000 Resale condos $259,000 New homes/condos* $490,000 All combined $370,000
If you assume a monthly rent of $1000, a “cash flow neutral” house at 5% cost of money, very approximately, works out $240,000 (=$1000*12*20)
Based on June ’08 prices, further price drop to reach $240K is:
Resale houses: 40% Resale condos: 7% New homes/condos: 51% All combined: 35%
Considering all the variability in this scatter shot analysis, 47% seems to fit in quite well.
