Yeah, I am not sure what is going on, but there is a different feel in the air. I still think Condo’s in SD are done. Way over priced. My sister works for a major lender in So Cal. I asked her yesterday how things looked. She simply responded with this… “One word”, “SCARY”. IN other discussions with her, she explained to me that her company will not provide lending to folks trying to purchase a condo in Downtown SD, otherwise known as the Red Zone, unless they have 20% down and have excellent credit (700+ FICO).
On a side note, however, she did mention that San Diego SFH is a little more stable, but not much.
I used to be on the same page where I thought everything was going to fold. Now I believe that some areas are going to get slammed, while other areas come out of it okay. Just be careful where you buy and what you buy. It’s going back to a normal market where good sells and bad sits.
