bsrsharma- well, you’re exactly right. I’ll be a believer (aka buyer) again when the Yellow and Blue lines in Rich’s Monthly San Diego Home Sales Per Default graph in his June Foreclosure Activity fall back on top of each other. I happen to be one of those Engineering geeks who believes numbers DON’T lie, at least not when they are well presented.
Another telling figure I look at is Price per Sq ft. I know half the readers here might dispute that as a somewhat “vanilla” stat, but it does track to rents pretty well. I to me, rents don’t lie either. Rent is what working people are able to pay over a long period. Until mortgages re-align with rents, the market still will have to correct itself.
