Brother, I hope you are right, but I’m not seeing it here in the Diamond Bar area. There are new townhomes here for sale that are selling from $550 to $750K, and sales are brisk. They are total pieces of crap, and I just don’t understand it. I am currently renting a home that the owner listed for $1.1M. Every other day it has a showing. Driving me nuts! There are definitely buyers out there, fools as they may be. Prices here have not eroded hardly at all since the so called peak in late ’05. It frustrates the hell out of me. It doesn’t seem to be an isolated phenomenon here. I’m seeing the same stickiness of prices in Irvine, North O.C., and most of the San Gabriel Valley. I think money is still too easy to get. Despite what we’re reading about the sub-prime mess, I still hear ads on the radio for loans for people with bad credit. I checked out Craigslist and there are several houses listed with no money down, no credit needed offers, just in my area alone. And the prices are still sky high. I don’t see a significant drop on the horizon unless the traffic of potential buyers dries up. And that’s just not happening now.
