Both SD Realtor and sdrealtor have posted in the past that they recommend renting in many circumstances. Neither one is bullish on home prices.
In fact, I don’t see too many bullish people on this board.
Some people may confuse others’ insistence on facts rather than sensationalism as being bullish. It is not.
In San Diego prices are off at least 10%, much more for some areas. Add two years of inflation adjustment from the late 2005 peak and that’s about 16% and more in real terms. I suspect there are areas that are off 25% already (e.g. new developments).
As for my opinion … I believe that the current cycle will result in 19-26% decline in SFR resale prices, with another 15-20% due to inflation.
I believe that you will see the bulk of the additional price drops over the years 2007-2008.
Does believing that we have not yet seen 30-50% declines make me a bull ? I think not.
