FWIW, in early 1998, I bought a ~1,200 sf, 3/2 SFH in O’side (92057, but not the worst area) for under $120K. By mid-2001, they were selling for around $250K, so they had already doubled by then.
IMHO, we will see pre-2001 pricing **without a major recession/depression** (already here, so that’s optimistic), and prices could very well fall below that if we don’t see INCOME growth in the near future.
All price gains from 2001 onward were due to the credit bubble, not fundamentals. We’ve been in a recession (masked by the credit bubble) since the dot.com implosion.
