Has everyone forgotten the obvious? Credit cards are still around and many still rely on the current paycheck to pay off the past debt. We are a debt driven society and you will see plenty of people shopping because products are cheaper this year and most are delusional about their future job status!
This is the calm before the storm. I am looking forward to the start of Q2 in 2009. This is when we should start really seeing the poop hitting the fan.
Don’t be naive and think we aren’t in a recession. We just live in a twisted society where everyone ignores reality. I was at a two Christmas parties tonight with friends in their late 20’s, early 30’s and both groups seemed to have a number of people that were dealing with financial hardships. It’s coming, it just may take a little more time to hit Rancho Santa Fe and La Jolla!
And about Temecula, my guess is the homes that are being sold by developers have huge incentives and are selling under or around $100/sqft. It wouldn’t make sense if it was any more because homes are a dime a dozen around Temecula/Murrieta under $100/sqft.
