gn, please tell me where I said MM is insulated from the down turn. If you ever read my many posts, you’ll noticed that I point out that MM has been hit the hardest for areas around MM. Condos in MM is already back to 2001-2002 price while SFR are back to 2002-2003 price. While more expensive area in North County are still in the 2004 price. We don’t know how the decline will play out in different areas until we’re done w/ the decline. All we know is what happened so far and at this point MM is much closer to normalcy than any other areas in NC.
So if you really believe what Bugs say, like I do, and if you predict MM still have another 30+% drop left, then all other ares in NC will still have another 50-60+% drop left. Like the example I showed in my previous post, if a 1500 sq-ft house in MM goes to 200k-250k, then a 2000 sq-ft house in CV have to go down to $320-400k to maintain the 60% premium it held in 1998. Those are listing @ 700-750k right now.
