fat_lazy, I hate to break it to you but your street is not the sine qua non of life in San Diego.
People may not sell on your block but there will be plenty of deals out there that will make your purchase seem like an albatross.
It would be like paying today's prices for a 10 year old Mercedes. Give it 15 more year and the purchase won't look so bad.
I don't claim it to be. I was just pointing out most newer home owners that entered at a higher price will be more susseptiable to leaving and calling quits. If you have some family that's been living in the same house since 98, well then a 50% drop means nothing for a primary home imho. They're not going to sell to be foreclosed because they could buy something else equivalent. Doesn't make sense. There are exceptions to the rules, as a few families will go through unusual hardships, a few will be mismanaged and are living refinance to refinance. there will be deals a plenty all over the place. But the idea of buying another and letting the current one foreclose would to me only work if it's a new home buyer who paid something like $900k for something that's worth $550k now. Then you have to wonder if they really would qualify with a second home.
Anyway, if it happens, and we see 50% corrections, I'd be happy. More homes for me 🙂
