“Blackbox,
Would you not agree that the down turn is taking longer then most thought, and people will eventually start to tire of waiting?”
My take on this as a renter wanting into the housing market is: People aren’t stupid, they know that this bubble was the biggest in history and house prices will crash down to the ground. It’s a knowledge of history and gut instinct in my case. How anyone could have been stupid enough to buy into a market of overly priced homes that were so not worth it because they believed that houses would continually go up is beyond me. My 10 year old is not that stupid… I do feel for those who got sucked into this mess by greedy real estate agents and loan officers, but come one people, God gave us a brain for a reason. Some of those people were just as greedy and the ones who weren’t are paying because they lacked common sense.
I think San Diego right now is not looking that desirable, people will remember this fire and along with the declining market, prices will continue to plummet in San Diego, just like in most parts of the country for awhile. People like me are waiting for a great deal, and we will continue to wait it out. Like someone said, it’s psychology and the psychology of this market now is you wait until prices hit rock bottom unless you want to miss out on a great deal. People do NOT want to miss out on a great deal.
