4th item on the page starts “The Voice of San Diego”:
“Looking at data on the region’s MLS on Tuesday afternoon, Wilson said the listings that have closed escrow in November represent just 5 percent of the total properties listed for sale. ‘That number is beyond scary,’ he said. ‘When you have such low (sales) numbers, prices can only drop.’”
“Thornberg said a region’s markets are inextricably linked. Dropping prices in an inland market pulls demand from the subsequent markets all the way to the coast. And decreased demand will lower those other markets’ prices.”
“‘[Realtors] were telling us everything was fine, but now they’re telling us all real estate is local,’ Thornberg said. ‘But when are you going to stop believing the [expletive]? The reality is your house is not worth as much as you think it is.’”
