Hard to predict. It seems likely to me that CV will probably continue a slow downward slide over the next year or so. The prices in that area seem to be primarily affected by the price declines in neighboring areas, not yet from problems within the area itself. I doubt many subprime loans were made in that area, so it doesn’t have the mass foreclosures driving down prices that areas like Mira Mesa have.
I’d worry though, about the fallout from the alt-A stated income, interest only, and negative amortization loans, which won’t really hit the fan until late 2009/2010 timeframe (from the charts I’ve seen). CV I believe had a VERY large proportion of mortgages using those types of toxic loans in recent years.
There’s still a lot of bubble to bleed out in the higher end areas from all the charts I’ve seen here, and because they are the most desireable areas, I think they’re also the most likely to bottom late.
