Now that the lenders are tightening credit standards, the pool of buyers in San Diego that can purchase $1M homes is shrinking. I think the “Plan 1” in Derby Hill will fall into your price range by the end of 2007.
Going forward, the size of the mortgage loans will
be based on incomes. Where as, in the past, any John Doe
who makes $30k can get a $800k loan
The question is: why would one buy at the end of 2007 ?
IMO, this correction has a long way to go before we
get to the bottom.
